Hacker shares private key for remaining $141 million in stolen Poly Network funds


Earlier, last week Poly Network had stated that they would not be charging the hacker who had stolen from them and instead they were grateful that this hack could draw their attention to the flaws in their security system so that they could focus on upgrading it. The Poly Network hacker who is being addressed as Mr White Hat has finally returned the final piece of the $610 million that was stolen from DeFI network, about two weeks ago. A blog post on Monday confirmed that Poly Network had successfully retrieved the remaining 28,953 ETH and 1,032 WBTC, which was worth about $141 million. This was possible only after the hacker, “Mr White Hat,” had finally shared a private key to the multi-signature wallet holding the funds through an on-chain message.

Earlier this month, Poly Network was hit by a major attack that resulted in the loss of over $600 million in crypto-funds. This can be very well seen as the costliest hack in the history of the DeFi space, but fortunately with a happy ending.

Some of the analysts have claimed that the hackers were able to exploit a vulnerability on the network. A vulnerability that gave them access to transfer these funds to their own accounts. Whereas, others claim that the hacker,  Mr White Hat was able to obtain Poly Network’s private keys. Post their hacking heist the hackers had promised to return all the stolen funds after opening a conversational dialogue with their victim. In the last transaction, they had even embedded a long note apologizing for the heist and calling it “one of the most wild adventures in our lives.”


The hacker (or hackers, as some are suggesting) had exclaimed that the exercise was only recreational but various experts believe that it is simply too difficult for them to launder such a huge amount of money. Especially since all of the transactions would have been stored on the blockchain. Most of the funds has been granted to the DeFi network, but $33 million in Tether remains inaccessible after they were frozen by their issuers last week. The blog post claimed that “the final unfreezing process” is already underway.

Poly Network had previously offered the hackers a $500,000 “security bug bounty” for recognizing the security flaw. Poly Network had even offered the hacker a job as the network’s Chief Security Officer. The network thanked “Mr White Hat for his cooperation and for keeping his promise,” and stated, “At this point, all the user assets that were transferred out during the incident have been fully recovered. We are in the process of returning full asset control to users as swiftly as possible.”

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