The Poly Network Drama Ended-Hacker Returned The Funds

The Poly network drama finally ended as the hacker returned all of the remaining funds or 610 million after cooperating with the team and other security companies so let’s read more in our latest crypto news today.

The Poly network drama is coming to an end as the hacker returned the remaining $141 million as per the blog post from the Defi project. As per the announcement, Mr. White Hat gave his private key to a 3/4 multi-signature wallet in an embedded message and retrieved the 28,853 ETH and the 1032 WBTC left and gave Poly Network the green light to return the full asset control to the users. The team had to verify if the private key was genuine and it turned out that it did so the 610 million that was stolen on August 10^th are fully restored to the network but this doesn’t include the frozen 33 million USDT that the protocol is trying to solve as an issue by contacting Tether directly:

“The team has confirmed that the private key is genuine, and functional. As of now, Poly Network has regained control of the $610 million (not including the frozen $33 million USDT) in assets that were overall affected in this attack. Once again, we would like to thank Mr. White Hat for keeping his promise, as well as the community, partners and the multiple security agencies for their assistance.
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The hacker found a vulnerability in the Poly Network smart contract and proceeded to exploit the protocol on Ethereum, Polygon, and Binance smart Chain as he drained 600 million in ETH, BNB, USDC, and other coins like UNi, DAI, and SHIB. Technically speaking, this is the biggest crypto theft in DeFi history but the weird thing was that the attacker turned out to be a white-hat hacker and returned the funds. Other hacks amounted to a smaller amount like the Meerkat Finance which rug pulled the investors and ran away with 30 million. It Is not easy to fully secure when talking about decentralized finance because of the wild nature of crypto. DeFi offers plenty of benefits compared to antique traditional banking and financial systems but there are challenges that prevent it from becoming a trusted global financial ecosystem that is open for everyone.

Hacks, rug pulls and scams are going to happen again in the future so the best team to do is do your own research to protect yourself from losing money.