Topic: Largest DeFi Hack: $611 Million Stolen from Poly Network (Read 292 times)

https://mobile.twitter.com/polynetwork2

The remaining amount of hack has been transferred back to poly network except $33millions USDT which got "frozen" when the hack happened.
@OP you can close this thread as we can assume the problem has been solved already

Too bad for the hacker, but good for the industry. This is a good event, after all.

All those years people had the fear of bitcoin and other crypto are being vulnerable and if they are gone then there are no chance to get them back, but this event is going to change that perception.

Because there's no way he cash out that money since most of the exchange listed the token that he hack was already notified and already Mark or blacklisted his address. Returning the fund while having an extra payment for returning it as reward is the most efficient way for him to get money and at the same time to avoid jail time. Its not laughable because he will still gonna be rich after this since he find a major flaw on poly network code.

In short hacker was dumb to use traceable wallet linked to hoo exchange where he has KYC.

The power of blockchain prevails again.

In short hacker was dumb to use traceable wallet linked to hoo exchange where he has KYC.

The power of blockchain prevails again.

there's an update about the hack. according to the article below the hackers have decided to return the money. looks like the hackers had no choice but to return the funds since they have been Identified. I guess they think that cooperating and returning the funds would reduce whatever sentence they would get.

https://finance.yahoo.com/news/cryptocurrency-poly-network-hackers-return-funds-defi-ethereum-110935552.html

"Law enforcement in any country will regard this as a major crime. and you will be pursued," the company said in its letter

there's an update about the hack. according to the article below the hackers have decided to return the money. looks like the hackers had no choice but to return the funds since they have been Identified. I guess they think that cooperating and returning the funds would reduce whatever sentence they would get.

https://finance.yahoo.com/news/cryptocurrency-poly-network-hackers-return-funds-defi-ethereum-110935552.html

there's an update about the hack. according to the article below the hackers have decided to return the money. looks like the hackers had no choice but to return the funds since they have been Identified. I guess they think that cooperating and returning the funds would reduce whatever sentence they would get.

https://finance.yahoo.com/news/cryptocurrency-poly-network-hackers-return-funds-defi-ethereum-110935552.html

A person claiming to have perpetrated the hack said they did it "for fun" and wanted to "expose the vulnerability.It was "always the plan" to return the tokens, the purported hacker wrote, adding: "I am not very interested in money."

Why they returned the funds must have been a surprising thing. From what you have said, their identities may have been identified which puts them at a risk. Again, if they went to sell those tokens in the exchanges, their funds were likely to block by that exchange. Because the amount of this hack is not a small amount. So there was a lot of discussion about this hack and various steps were taken. As a result, the hackers may have panicked and returned the funds.

Disclaimer: tinfoil hat applied!
What if they tried to do the "hack" themselves but when the enthusiasm evaporated and they saw the whole world is starting to take an interest they chickened out and abandoned it?
After all, it's the crypto world we're talking about, it woudn't surprise me one bit.

Btc scam is real

Because there's no way he cash out that money since most of the exchange listed the token that he hack was already notified and already Mark or blacklisted his address.

So I take it from the article (and I hate Yahoo Finance, btw) that the identity of the hacker(s) hasn't been released?  I'd be very curious to know who was behind this, and hopefully there's some follow up.  In particular I'd like to know if this is some individual hacker just trying to score points in the hacking community--which he would no doubt do if that's the case--or if it was an organized group with more sinister origins. 

there's an update about the hack. according to the article below the hackers have decided to return the money. looks like the hackers had no choice but to return the funds since they have been Identified. I guess they think that cooperating and returning the funds would reduce whatever sentence they would get.

https://finance.yahoo.com/news/cryptocurrency-poly-network-hackers-return-funds-defi-ethereum-110935552.html

How come you share an article while you even didn't read your article.

Btc scam is real and am looking forward to a massive campaign and awareness on crypto scam to the general public on the basic steps, strategies and procedures to a successful crypto biz with total zero scam and how to identify the scaming elements on crypto.
Today another history of scam was made through hacking, who else to trust again?

I don't know why but the return of the stolen funds makes me laugh, right now I am losing my breath laughing out loud in the middle of the night because this story is hilarious, never seen hackers turn tail and heed the demands of the victims to return the stolen funds, I guess they don't want to risk going to jail for a long time.

there's an update about the hack. according to the article below the hackers have decided to return the money. looks like the hackers had no choice but to return the funds since they have been Identified. I guess they think that cooperating and returning the funds would reduce whatever sentence they would get.

https://finance.yahoo.com/news/cryptocurrency-poly-network-hackers-return-funds-defi-ethereum-110935552.html

|Largest DeFi Hack: $611 Million Stolen from Poly Network
The DeFi team has identified three addresses where the stolen funds have been stored
The vulnerability of blockchain infrastructure has been highlighted again as $611 million worth of cryptocurrencies were siphoned from cross-chain protocol, Poly Network on Tuesday, making it one of the largest crypto heists to date.

Launched by the founder of the Chinese blockchain project Neo, Poly Network enables swapping of tokens on the Binance Smart Chain, Ethereum and Polygon blockchains. All three blockchains were targeted on Tuesdays’ attack.

Poly team has identified and published the three addresses where the attackers stored the stolen funds.

Blockchain scanning platform data of the three addresses shows that $273 million in Ether were stolen, along with $253 million in tokens from the Binance Smart Chain and $85 million in USDC on the Polygon network.

Actions After the Hack
The Poly team has already requested miners to block the transactions originating from the three addresses, and the community is following through. Tether has already blacklisted the USDT tokens on Ethereum that constitute roughly $33 million in the stolen proceeds.

We call on miners of affected blockchain and crypto exchanges to blacklist tokens coming from the above addresses,” the Poly team tweeted.

Additionally, Binance CEO Changpeng Zhao assured coordination with Poly, but highlighted that no one controls the blockchains and ‘there are no guarantees’.

Around an hour after the attack, the hackers tried to move cryptos including USDT through the ETH address in liquidity pool Curve.fi, but the transaction was rejected. However, another $100 million in assets were moved from the Binance Chain and deposited into liquidity pool Ellipsis Finance.

Though the exact way of breaching the protocol security is not yet known, several blockchain investigation companies have already initiated probes. According to Chinese blockchain security firm, BlockSec, the attack might have been triggered with the leak of private keys or through a bug during Poly’s signing process.

Another Chinese security firm, Slowmist, identified that the attackers used the privacy token Monero as their original funds, which obtained the information from its Chinese exchange partner, Hoo. Furthermore, the company claims that it has identified the attackers’ email address, IP information and device fingerprint.