Bitcoin News and Finance
Poly Network Defi Hacker Returns a Large Fraction of Tokens, Chainalysis Evaluates Hacker’s Onchain Movements Skip to main content

Poly Network Defi Hacker Returns a Large Fraction of Tokens, Chainalysis Evaluates Hacker’s Onchain Movements

Poly Network Defi Hacker Returns a Large Fraction of Tokens, Chainalysis Evaluates Hackers Onchain Movements

On August 11, the blockchain intelligence firm Chainalysis published its findings on the recent Poly Network hack which saw the loss of approximately $611 million crypto tokens. The assessment from Chainalysis backed up the claims made by the security company called Slowmist that shows the hacker left a fingerprint on the relatively unknown exchange Hoo.com. As of August 11, at 4:18:39 p.m. (UTC), Poly Network details that the hacker has returned $260 million in assets so far.

Chainalysis Observes Hackers Onchain Fingerprints

The crypto community has been infatuated with the recent decentralized finance (defi) hack that exploited the Poly Network protocol. Bitcoin.com News reported on the aftermath of the hack and how the hacker started to troll the project with onchain messages.

On Wednesday, the blockchain surveillance firm Chainalysis published an in-depth report on what it discovered when it investigated the situation. According to Chainalysis, the hacker stole ETH, WETH, WBTC, UNI, RENBTC, USDT, USDC, DAI, SHIB, FEI, BNB, and various BEP-20 tokens.

In our most recent report, Bitcoin.com News discussed how the organization Slowmist claimed to have found some fingerprints left by the hacker. Chainalysis has confirmed some of the findings Slowmist disclosed prior to the hacker sending back roughly $4.7 million in assets.

Slowmist said that the hacker leveraged an exchange called Hoo.com and it was able to obtain an email address and associated IP address. Chainalysis explained why the hacker chose to leverage the relatively unknown crypto trading platform.

“We can see that the day before, the attacker withdrew 0.47 ETH from Hoo.com, which was used to pay for gas fees on transactions associated with the hack,” Chainalysis wrote. “Additionally, the attacker appears to have sent 13.37 ETH to a user known as Hanashiro.eth, who sent an ether transaction to the attacker with a message warning them that the USDT they’d stolen from Poly Network had been frozen.”

The blockchain surveillance firm also published a Chainalysis Reactor graph which shows how the hacker got started.

Image via Chainalysis blog post on the Poly Network hack.

Hacker Compliments Poly Network and Says ‘Cross-Chain Hacking Is Hot’

Furthermore, the hacker has been communicating with the Poly Network team and an unknown white hat hacker. While returning fractions of the funds, the hacker has continuously said that the individual has “saved the project.”

There’s been a little Q&A as well and the hacker said that “cross-chain hacking is hot” and he or she was doing it “for fun.” The discussion highlights that when the hacker spotted the bug, they had “mixed feelings” about the situation. The hacker noted that he or she was “tired” during the conversation and even complimented the Poly Network at times calling it a “decent system.”

Toward the end of the Chainalysis report, it notes that the hacker has been communicating with the team and the company highlighted some of the token addresses that saw returns.

“It’s possible this is a ruse to make off with the unstolen USDT, but so far nothing suggests the attacker won’t continue to return the stolen funds,” Chainalysis detailed. The Poly Network team has been updating the community when coins have been returned via the project’s official Twitter account.

What do you think about the Poly Network defi hack that saw the theft of $600 million? Let us know what you think about this situation in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory