Poly Network hacker returns all stolen funds except USDT

The Poly Network hacker has reimbursed the project all stolen funds except $33 million in USDT, which Tether froze after the attack.

pic.twitter.com/aBRUvanLuL

— Poly Network (@PolyNetwork2) August 12, 2021

Stablecoins cannot be moved without the issuer’s permission. Tether is already working on this.

“We will accelerate the work to return the funds,” said Tether’s Chief Technology Officer Paolo Ardoino in The Block’s commentary.

According to him, the company would most likely burn the tokens and reissue them to pass to Poly Network, rather than trusting the hacker to move funds after unfreezing.

Earlier the attacker returned $85 million, stolen from the Polygon network, and $253 million – from the Binance Smart Chain.

On August 10, the Poly Network suffered what would be the industry’s largest attack on blockchains to date, targeting the Ethereum, Binance Smart Chain and Polygon networks. The total damage amounted to $611 million in various cryptocurrencies. Some of the stolen funds in USDT were blocked.

On August 11, the hacker stated his intention to return the funds. The project team created three wallets for this purpose. Experts suggested that one reason for the restitution was that the hacker exposed personal data.

Developer Kelvin Fichter detailed the attack mechanism on Poly Network. The hacker forged data, forcing the network to authorize transactions with large sums from three blockchains, which were then sent to the hacker’s own wallets.

Subsequently the attacker admitted that he hacks for fun, and Poly Network was chosen because cross-chain-hacking is “hot”.

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