Hackers have returned $342 million to Poly Network after they saying the massive crypto heist was done 'for fun'

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Hackers have returned $342 million to Poly Network after they saying the massive crypto heist was done 'for fun'
Photo by Yuriko Nakao/Getty Images)

One of the biggest cryptocurrency heists on record is gradually being reversed, as hacker "Mr. White Hat" continues to return the stolen assets to Poly Network.

Poly Network, a peer-to-peer DeFi platform, said on Wednesday that a vulnerability in its code led to a heist of $610 million in assets from its platform. That hack was soon partially reversed, with the hacker returning $258 million a few hours after the attack.

Mr. White Hat is continuing to give back the money, based on tweets from Poly Network. As of Thursday afternoon, a total $342 million has been returned to Poly Network, leaving $268 million worth of ether still outstanding.

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The heist highlights the ongoing risks of cryptocurrencies and decentralized finance platforms, which allow users to conduct transactions without traditional safeguards from banks or exchanges.

"All the remaining user assets on Ethereum (except for the frozen USDT) had been transferred to the multisig wallet controlled by Mr. White Hat and Poly Network team. The repayment process has not yet been completed. To ensure the safe recovery of user assets, we hope to maintain communication with Mr. White Hat and convey accurate information to the public," Poly Network said in a tweet on Thursday.

The hacker behind the heist said in a Q&A embedded within a digital currency transaction that he conducted the hack "for fun."

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"When spotting the bug, I had a mixed feeling. Ask yourself what to do had you facing so much fortune...I can trust nobody! The only solution I can come up with is saving it in a trusted account while keeping myself anonymous and safe," Mr. White Hat said, adding that they're returning the hacked assets because, "I am not very interested in money!"

Read more: Grayscale has hired Fundstrat's David Grider as its new head of research. The crypto veteran told us why he made the move - and shares what's been driving the surging prices of crypto assets as the market turns risk-on again.

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