Cryptocurrency platform Poly Network said on Monday that nearly all of the $610 million (approximately Rs. 4,523 crores) stolen this month in one of the largest crypto heists has now been returned by the unknown person or persons behind the attack.
In a Twitter post, Poly Network said it had regained control of all assets except $33 million (approximately Rs. 245 crores) in stablecoin chain that had been frozen by the company it manages. The network said it was in talks with Tether about unblocking those funds.
The hackers had previously said that they were doing the attack for fun to expose a vulnerability in the platform’s digital contracts and their plan was always to return the tokens. Some blockchain analysts have speculated that they simply found it too difficult to launder so much stolen cryptocurrency.
A lesser known name in the world of crypto, Poly Network is a decentralized finance (DeFi) platform that enables peer-to-peer transactions with a focus on allowing users to transfer or trade tokens across different blockchains. .
Poly Network announced the hack on August 10, but said the perpetrators had started returning the digital coins the next day. The network also offered the hacker or hackers a “bug bounty” of $500,000 (approximately Rs. 3.7 crores).
© Thomson Reuters 2021
For the latest tech news and reviews, follow Gadgets 360 Twitter, Facebook and Google News. Subscribe to our YouTube channel for the latest gadgets and technology videos.
Nokia G50 accidentally confirmed by company on Instagram ahead of official launch