Cryptocurrency theft: Poly Network says hacked funds returned

Cryptocurrency platform Poly Network said on Monday that nearly all of the $610 million (approximately Rs. 4,523 crores) stolen this month in one of the biggest encryption thefts has now been returned by the unknown person or persons behind the attack.

In a Twitter post, Poly Network said it had regained control of all assets except for $33 million (about Rs. 245 crores) in stable rope that was frozen by the company that manages it. The network said it was in talks with tether about unfreezing these funds.

Hackers had already said they made the attack for fun to expose a vulnerability in the platform’s digital contracts and it had always been their plan to return the tokens. Some blockchain analysts speculated that they simply found it too difficult to launder so many stolen cryptocurrencies.

A lesser-known name in the world of cryptography, Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or exchange tokens in different blocks of blocks.

Poly Network announced the hack on Aug. 10, but said the perpetrators began returning the digital coins the next day. The network also offered the hacker or hackers a “bug reward” of $500,000 (about Rs. 3.7 crores).

© Thomson Reuters 2021

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