Bitcoin News and Finance
Poly Network Hacker Says ‘In the Defi World Code Is Law’ While Returning Millions in Defi Tokens Skip to main content

Poly Network Hacker Says ‘In the Defi World Code Is Law’ While Returning Millions in Defi Tokens

Poly Network Hacker Says 'In the Defi World Code Is Law’ While Returning Millions in Defi Tokens

Two days after the notorious Poly Network hack, the hacker continues to send funds back to the project. On August 12, the Poly Network hacker so far has returned millions worth of ether, thousands of uni tokens, 1,032 wrapped bitcoins, and 96 million in stablecoins. The day prior, after returning $260 million in tokens, the hacker explained that the Poly Network has “well enough assets to start the recovery phase.”

Poly Network Hacker Returns a Number of Defi Tokens

On August 10, Bitcoin.com News reported on the massive decentralized finance (defi) hack that plagued the Poly Network project. The cross-chain protocol lost approximately $611 million from the attack and the news quickly went viral on forums and social media. At first, the Poly Network team sent a message to the hacker in an attempt to communicate with the individual. Furthermore, in the initial stages it didn’t seem like the hacker was going to cooperate and told the team it “could have been” a billion-dollar hack.

That evening following the hack, reports had shown a security group called Slowmist published findings on the alleged hacker. Slowmist said it was able to catch a fingerprint of the hacker when he or she leveraged a relatively unknown exchange called Hoo.com. After this happened, a few hours later, the hacker sent the Poly Network team $4.7 million in various tokens. By the end of the day on Wednesday, the hacker had sent $264.7 million total and was very talkative with the Poly Network team and the white hat hacker.

The hacker noted that the hack was done for fun and also said after a long-winded explanation and returning millions of dollars in crypto assets, that he or she was tired. The hacker said that the individual does not leverage an email and all communications made have been onchain. “Disclaimer: I have never asked for bounty from Poly Network,” the hacker stressed in an onchain message. The hacker further added:

In the defi world, you can trust nobody but the code and yourself.

Hacker Continues to Return Large Fractions of Stolen Poly Network Tokens

On Thursday, the Poly Network hacker returned a stash of wrapped bitcoin (WBTC) and the stablecoin DAI. 1,032 WBTC was returned, alongside 96 million DAI, 84 million USDC, and 42,000 UNI. The hacker also gave the project 28,953 ether worth over $86 million at press time. Poly Network has been updating the community about the communications between the hacker and the white hat hacker.

“As our communication with Mr. White Hat is going on, the remaining user assets on Ethereum are gradually transferred to the multisig wallet,” the project tweeted on August 12. It also tweeted another letter which explained that the team was dealing with a “difficult period” and if they can be patient.

What do you think about the Poly Network defi hack and how the hacker has been returning funds back to the project? Let us know what you think about this subject 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