Poly Network Hackers Return Stolen Funds After Yesterday’s $600M Theft

The Poly Network hackers return the stolen funds after yesterday’s $600M theft after making a huge fraudulent withdrawal of the cross-chain project so let’s read more in our latest altcoin news today.

The hacking of the crypto funds happened on the three chains of Poly Network and this series of exploits stands as one of the biggest attacks in the DeFi sector. The hacker, however, pronounced the readiness to pay back the stolen funds. Dispatching an ETH transaction, the hackers revealed the decision stating that they are willing to return the fund via an embedded transaction notification. The hacker requested a multisig wallet address for the easier payback of the fund to Poly Network and the hacker explained that there’s a failed connection to the network hence the demand for the multi-sig wallet to return the funds.

pic.twitter.com/AP4tCC565d

— Poly Network (@PolyNetwork2) August 11, 2021

The Twitter account of Poly Network provided three different wallet addresses and these were for the hacker to return the funds to the network. Poly network disclosed a preparation for a multi-sig address which is under the control of the known Poly address and this was in an embedded message to the ETH transaction sent to the hackers’ address.

Update: PolyNetwork hackers have returned $253 million on the BSC chain. pic.twitter.com/jO0SiWDtyP

— Wu Blockchain (@WuBlockchain) August 11, 2021

According to O3 labs, the cross-chain developer project, the exploit was massive and it can only take a white hat hacker to perpetuate the tune of fraud in the Defi space. In another message from the hacker, they mentioned it is legendary in winning a huge fortune but the perpetrator envisaged the eternal legend while trying to salvage the universe. The culprit confessed the actions are only his decision and not DAO so the hacker sent a message thorugh and Ethereum embedded transactions. The huge cross-chain exploit in Poly Network affecting three platforms including binance Chain, Ethereum, and the Polygon network. The estimation of the stolen funds via the hacking are $273 million from ETH and $253M from the binance Chain.

The network lost USDC worth $85 million, but also many WBTC, WETH were lost. With the total value of the exploit at $600 million, it remains the biggest hack in DeFi. As the popularity of Decentralized finance increases, hackers are attracted to the financial sector and Messari reported that there had been a few losses by the DeFi protocols. The company estimated that since 2019, the total loss to hacks is about $285 million.