(RepublicanPress.org) – Hackers managed to work their way into decentralized finance platform Poly Network earlier this month and stole more than $600 million worth of crypto assets in one of the largest cryptocurrency heists in history. What eventually happened to the money has a lot of people shaking their heads in confusion.
On August 10, Poly Network announced the crime on Twitter and urged the hackers to return the assets in a follow-up post. It warned the hackers it would pursue legal action but hoped to talk with them to “work out a solution.”
We are sorry to announce that #PolyNetwork was attacked on @BinanceChain @ethereum and @0xPolygon Assets had been transferred to hacker's following addresses:
— Poly Network (@PolyNetwork2) August 10, 2021
The following day, the crypto network posted the keys to three addresses to return the hijacked funds. A few hours later, it reported the successful return of a total of $260 million in assets, then $342 million. It continued posting updates as the stolen cryptocurrency slowly trickled back into its accounts.
Poly Network also began referring to the hacker as “Mr. White Hat,” a reference to hackers who work with companies to expose vulnerabilities in their systems. Inversely, black hat operators hack systems illegally for personal gain.
Two days later, Poly Network reported that the outstanding $238 million in assets had transferred to a multi-signature wallet, meaning it would take a key controlled by them and Mr. White Hat to start returning the cryptocurrency. The company later announced the hacker returned all the crypto assets, and it would soon give back full asset control to users.
Fortunately, the network was hit by an apparently well-intentioned hacker who identified the method used to pull off the heist. However, the next time Poly Network might not be so lucky.
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