Almost all of the $611 million in loot is returned by a Poly Network hacker

Almost all of the $611 million stolen by the Poly Network hacker has been returned. USDT in the amount of $33 million has been frozen.

Important Points to Remember

• The remaining $611 million stolen this week on Ethereum mainnet has been restored by the Poly Network hacker.
• Except for $33 million in frozen USDT stablecoins, the team reported that practically all of the cash have been retrieved.
• The team offered the hacker $500,000 in a onchain message as a thank you for discovering a security flaw.

Poly Network confirmed that it has received the remaining funds in a multi-sig wallet from the attacker.

Assets are returned to Poly Network by a hacker. After a day of discussions, the Poly Network hacker who stole $611 million this week has returned the remaining assets on Ethereum mainnet.

Poly Network is a collection of smart contracts that allow Ethereum, Polygon, and Binance Smart Chain to transact with one other.

The project grabbed news on Tuesday after losing more than $600 million in what was dubbed the world's largest cryptocurrency breach. The losses were $272 million in Ethereum tokens, $253 million in Binance Smart Chain tokens, and $85 million in Polygon tokens.

The hacker opted to repay almost all of the monies after the incident. The hacker told the Poly Network community in a "Q&A" debate displayed within Ethereum transactions that they carried out the attack "for fun" to reveal the vulnerability before others could use it.

Mr. White Hat, as the hacker was called by the Poly Network team, returned half of the stolen funds on Binance Smart Chain and Polygon yesterday. Since then, the team has certified that it has received the remaining cash, minus $33 million in USDT that Tether has frozen.

“All remaining Ethereum user assets (save the frozen USDT) had been transferred to the multi-sig wallet owned by Mr. White Hat and the Poly Network team,” according to a Thursday Twitter note.

The most recent transaction involved $230 million in digital assets, including ETH, DAI, USDC, and WBTC, which were stored in a multi-sig wallet controlled by the hacker and his gang.

The team also stated that it intends to negotiate the release of the USDT stablecoins that remain frozen in the hacker's wallet.

The team praised the hacker for reporting the problem in a onchain message before claiming that “the action reflects white hat behavior.” They also promised a $500,000 reward and that no legal action would be taken against them.

Despite media rumors to the contrary, the hacker's identity remains unknown. They indicated they were utilizing a “temporary email, IP, or so-called fingerprint, which were untraceable” in the Ethereum Q&A debate.

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