Market Analysis Report (25 Aug 2021)

The hacker(s) behind the $610 million heist on cross-chain decentralized finance platform Poly Network has finished returning all of the funds it stole from the platform after exploiting a vulnerability in its code.

After the hacker started reaching out to return all of the stolen funds, they locked more than $200 million in an address that needed both Poly Network and the hacker’s approval to move the funds.

Poly Network has been negotiating with the hacker, even offering him a $500,000 bug bounty reward and offering them a job as their chief security advisor. In a blog post, Poly Network detailed the hacker has handed over their private key.

“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.”

About $33 million worth of USDT were frozen in the hackers’ address after the theft occurred. The hacker, in messages embedded on the blockchain, said they were contributing to the security of the project in their “personal style.” To security experts, they may have realized laundering the stolen funds could reveal the hacker’s identity.

Source: https://www.cryptocompare.com/email-updates/daily/2021/aug/25/