Over $600 million stolen in Ethereum and other cryptocurrencies is now on its way back as the one of the largest crypto heists ever comes undone
- The hacker behind the $611 million theft from the
Poly Networkhas started to return the stolen cryptocurrencies.
- So far, he has returned $1 million in stablecoin USDC, hosted on
Polygon, and $1.1 million to Binance Smart Chain(BSC).
- The attacker created a token called ‘The hacker is ready to surrender’ before initiating the return transactions.
|Stolen asset||Amount stolen|
|Binance Smart Chain||$253 million|
The stolen funds cumulatively amount to more than all the criminal losses registered in the DeFi space during the first half of the year amounting to $474 million, according to a report by
https://t.co/7LV5iIzWK0— Poly Network (@PolyNetwork2) 1628675691000
However, it’s unlikely that the attacker is doing this out of the goodness of his heart. The hacker’s ID was reportedly obtained by the blockchain security firm, SlowMist.
The Poly Network, which was formed as an alliance between Neo, Ontology and Switcheo blockchain platforms, has also asked the hacker to return the assets — warning that failure to do so could result in legal action against those involved.
“The amount of money you hacked is the biggest one in defi history. Law enforcement in any country will regard this a major economic crime and you will be pursued.”
So far, $1 million in stablecoin USDC, which on the Polygon blockchain, has been returned to the platform. It was done over three transactions, incrementally increasing the amounts — 10 USDC, 10,000 USDC and then one million USDC.
The attacker has also returned $1.1 million in BTCB, a bitcoin-pegged token on BSC.
‘The hacker is ready to surrender’
At around 9:30 am Indian Standard Time (IST) the hacker wrote, “Ready to return the fund!” in an
This was followed by another message which read, "Failed to contact the Poly. I need a secured multi-sig [multisignature] wallet from you."
In less than half an hour, the team behind the Poly Network responded to the exploiter address through a transaction that it is "preparing a multi-sig address controlled by known Poly addresses."
The team identified three addresses, which are currently being used to receive the money which was stolen.
But just before the first transactions started to come through to return the stolen money, the attacker first created a token called, “The hacker is ready to surrender”. The token was sent to the designated Polygon address.
According to The Block Research's Igor Igamberdiev, the root cause of the hack was a cryptography issue. This means that the encryption, which stores and transmits data, was lacking.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs
India’s oldest crypto exchange is now allowing users to buy pizza, ice cream and coffee using Bitcoin
NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy
- Over 60 schools in and around Bengaluru receive bomb threat, students evacuated safely
- TVS Motor Co sales rise 31% to 3,64,231 units in November
- Johnny Depp unknowingly taught Ranveer Singh the craft of acting
- Midcap index rising for last 21 sessions, hitting fresh highs since November 16
- Global smartwatch shipments up 9% in Q3, Fire-Boltt & Huawei hit new highs: Report