Reading Time: 2 minutes
The Poly Network hacker has already returned approximately half of the $600 million stolen funds.
The hacker intends to pay back all of the funds.
Analysts claim the transparency of blockchain skills makes it sophisticated to launder stolen cash.
Poly Network, an interoperable between various blockchains, was exploited for extra than $600 million on August 10. The attacker exploited the network across Ethereum, Binance Smart Chain, and Polygon decentralized finance (DeFi) exchanges.
The hacker managed to steal around $85 million in USDC from the Polygon network, approximately $250 million from Binance Smart Chain, and over $270 million from the Ethereum network in what emerged to be the greatest DeFi hack to date.
Then again, following a preference of strict measures taken by the crypto industry bodies, the hacker revealed that he/she “is ready” to restore all the stolen funds.
Hacker Has Returned Half of Stolen Funds
On August 11 at around 4: 00 am UTC, the hacker despatched a transaction to himself with an embedded message that read:
READY TO RETURN THE FUND !
Afterward, the hacker requested a multi-sig wallet for refunding all the stolen tokens. “Failed to contact the poly. I need a secured multisig wallet from you,” the hacker said in a transaction.
The Poly Network attacker started returning stolen funds in USDC at around 8 am UTC. Initially, the hacker despatched 10, 10,000, and 1 million in USDC on the Polygon blockchain. Since then, the hacker has returned around half of the $600 million stolen funds.
Tom Robinson, chief scientist and co-found at Elliptic, said it is fairly hard to launder cash given the transparent nature of the blockchain. He said:
I think this demonstrates that despite the fact that you happen to can steal cryptoassets, laundering them and cashing out is amazingly sophisticated, due to the transparency of the blockchain and the exercise of blockchain analytics.
“In this case the hacker concluded that the safest option was dependable to return the stolen assets,” Robinson additional added.
A lot of reasons may have played a characteristic in convincing the hacker to return the stolen funds. For one, in the very early stages of the hack, Tether iced over approximately $33 million of the stolen funds.
Furthermore, Poly Network asked miners to blacklist the hacker’s funds. “We are able to take legal actions and we scurry the hackers to return the assets,” the network said.
In addition, SlowMist, a Chinese cybersecurity agency, asserted that it has “grasped the attacker’s mailbox, IP, and tool fingerprints.” SlowMist additional added that they are “tracking conceivable id clues related to the Poly Network attacker,” and called the attack “a lengthy-planned, organized and prepared attack.”
What may have really pushed the hacker into returning funds may be the fact that executives from almost all prominent crypto exchanges, including Binance, OKEx, and Huobi agreed to assist in limiting and minimizing the damage.