Hacker Returns Over Half Of The Stolen Crypto Funds To Poly Network
According to an announcement from the Poly Network, the hacker who stole $620 million from the network has returned about $340 million out of it. But the hacker also said he is keeping the remaining funds until he completes negotiation with the decentralized finance (DeFi) network.
Hacker Conducts Live Q And A Session
He even conducted a live question and answer session where he revealed how he executed the whole thing. On Tuesday night, the Poly Network revealed that it had suffered a heist worth about $620 million, and analysts have described this hack as the biggest in the history of the DeFi industry.
The amount stolen by the hacker included assets of ETH, BNB and MATIC. Commenting on the incident in an interview with Forbes, the CEO of an on-chain blockchain analytics firm, elliptic, Tom Robinson, revealed that the hacker has returned about $340 million but hasn’t given an exact period of when he would return the remaining funds.
Difficulty In Moving The Funds?
The hacker revealed that he wasn’t interested in the money and would soon return the money after the incident. His comments fueled speculation that the incident was a white hat hack and was meant to teach the network the importance of taking their network’s security more seriously.
But Robinson argued otherwise. He opined that the hacker’s trouble in moving the funds was the main reason he wanted to return the funds. He further said, “blockchain’s transparency makes it difficult for anyone to launder and cash out huge amounts of crypto assets whether legitimate or not.”
Even though the hacker conducted a live question and answer session claiming to share how everything went down through private messages in Ethereum transactions, he didn’t give the full details of the master plan. What was evident from the ensued communication is that the hacker is a non-English speaker.
When he asked why the heck happened and why he specifically chose the Poly Network, he responded that the hack was for fun, and hacking a cross-chain network seems cool. Towards the end of the live session, he further revealed that the hack was for goodwill purposes, and part of the funds had been returned for safety reasons.
Reasons For The Hack
He said, “after I discovered the loophole, I was slightly bemused. I asked myself what I can with such a large amount of cash. I kindly asked the project team to fix the bug. I don’t trust anyone because anybody can turn to a mole for 1 billion! The only way I am returning the funds is through a trusty savings account.”
“Everyone is claiming there is a mole or it is an insider job. I didn’t have any insider information, but who knows? I am fully responsible for my actions and give myself credit for informing the team before the real moles chose to conceal the leak and exploit it,” he concluded.
However, some Twitter users reveal that the hacker has been enquiries on how to use Tornado Money for funds deposit. Tornado money is a protocol that allows non-public Ethereum funds deposit and withdrawals.
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