Poly Network Hacker Returns Stolen Funds After Requesting A Multisig Wallet


The Poly Network hacker pledges a payback after the huge fraudulent withdrawal of $600 million of a cross-chain project.

The hacking of crypto funds occurred across three chains of the Ploy Network. Notably, this series of fraudulent exploits stand as one of the largest attacks in DeFi sector. However, the hacker pronounced the readiness to pay back the stolen digital assets.

Dispatching an Ethereum transaction at 4:00 UTC August 11, 2021, today, the hacker revealed their decision. They stated their willingness of returning the fund through embedded transaction notification.

Poly Network Hacker Returns Stolen Funds After Requesting A Multisig Wallet
Image Credit: Etherscan

How The Hacker Planned To Return The Funds

The hacker requested a multisig wallet address for the easy payback of the fund to Poly Network. The hacker explained that there’s a failed connection to the Poly Network. Hence, the demand for a secured multisig wallet for returning the funds.

Related Reading | DeFi Lender In Trouble: SEC Charges Perpetrators For Raising $30 Million Illegally

Through its update today, the Poly Network’s Twitter account provided three different wallet addresses. These were for the hacker to return the stolen funds to the Network.

Furthermore, Poly Network disclosed its preparation for a multisig address that is under the control of known Poly addresses. This was in an embedded message to an Ethereum transaction sent to the hacker’s address.

According to O3 Labs, a cross-chain developer project, the exploit on Poly Network is quite massive. As such, it can only take a white hat hacker to perpetuate this tune of fraud in decentralized finance.

In another message from the hacker, they mentioned that it’s legendary in winning such a massive fortune. Also, the perpetrator envisaged an eternal legend in trying to salvage the universe.

Finally, the culprit confessed that the actions are solely his decision and not DAO. The hacker sent also sent this message through an embedded Ethereum transaction.

Background On The Hack Poly Network Hack

This massive cross-chain exploit on Poly Network occurred on Tuesday, affecting three platforms. These include are Ethereum, Binance Chain, and the Polygon network. An estimation of the stolen funds through the hacking are $273 million from Ethereum and $253 million from Binance Chain.

Related Reading | Jack Dorsey Explains “Broker” Meaning in Ongoing Cryptocurrency Tax Bill Dispute

The Polygon network lost USD Coin (USDC) worth $85 million. Also, the hacking involved wrapped Bitcoin (WBTC), renBTC, and wrapped Ether (WETH). With the total value of the exploit at $600 million, it remains the hack in DeFi.

As the popularity of decentralized finance increases, more hackers are attracted to this financial sector. Messari, a crypto research company, reported that there had been several losses by DeFi protocols.

The company estimated that since 2019, the total loss to hacks and other related exploits is about $285 million.

Featured image from Pixabay, and chart from Etehrscan

Leave a Reply

Your email address will not be published. Required fields are marked *