Poly Network recovers $611 million stolen in hack

The developers of the Poly Network cross-chain protocol reported a full recovery of assets stolen in the recent attack totaling $611 million.

Yay! #PolyNetwork has completed the recovery of all #PolyNetworkExploit affected user assets. (approx. worth $610M)#PolyBridge has now restored cross-chain functionality for a total of 59 assets. Other advanced functions will be gradually restored.https://t.co/bGOXc7xJS1

— Poly Network (@PolyNetwork2) August 26, 2021

According to the team, on August 25 Tether issued USDT totaling $33.4 million from tokens frozen after the protocol hack. The assets were directed to Poly Network’s multisig wallet.

In the next stage, the platform aims to return full control of the funds to users.

Developers also restored cross-chain functionality for 59 assets.

“For security reasons, we have decided to gradually reopen inter-network services and restore the ability to cross-chain transactions for all asset types,” the Poly Network team said.

As reported, on August 10 the Chinese cross-chain protocol Poly Network suffered the largest attack on the blockchains Ethereum, Binance Smart Chain and Polygon. The total damage amounted to $611 million in various cryptocurrencies. The stolen USDT was blocked.

On August 11, the hacker stated an intention to return the funds. He transferred all stolen assets to the project team’s wallet except for $33 million in USDT , which Tether froze after the attack. While awaiting unfreezing, part of the reimbursed funds totaling $141 million remained in a multisig wallet, the keys to which were controlled by both sides. Later, as part of an agreement with the stablecoin issuer, the attacker returned the remaining assets.

The hacker also moved to the multisig wallet the reward previously sent by the Poly Network team worth 160 ETH (about $500,000) and donations received from the crypto community. He asked the company to distribute these funds among the victims.

Earlier, the Poly Network developers published a roadmap for returning the funds and announced the launch of a bug-bounty program for the protocol’s core functions.

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