About a week ago, the cross-chain decentralized finance (DeFi) platform that is Poly Network fell victim to a hacker that ultimately stole over $600 million worth of crypto. This has been described by the cryptocurrency community as being the largest hack of a DeFi site to date. The person/persons who claim to have done it promised to return what they’ve taken, though it’s been taking quite some time now.
Mr. White Hat
According to recent reports, the hacker – who the Poly Network is calling “Mr. White Hat,” is said to have already returned the funds he stole from the platform to a multi-signature wallet that was put up by Poly Network. The $33 million remainder was held in tether and was frozen by the cryptocurrency firm behind the said stablecoin. As of writing, however, the hacker has yet to turn over the final key to the wallet.
– Advertisement –
For the uninitiated, Poly Network had offered $500,000 to the hacker/hackers. This is according to the platform as a form of reward for returning the funds that were stolen from the Binance Smart Chain, Polygon, and Ethereum platforms.
Poly Network released an official statement about this stating that after communicating with White Hat, they’ve come to a more complete understanding regarding how the situation unfolded as well as the hacker’s true intentions. The platform did not go into further details about what they and the hacker discussed.
Did it for fun
As for Mr. White Hat, he is said to have acknowledged getting the say of which he initially declined. However, it looks like he’s already considering taking the reward and use it to compensate anyone who can replicate what he did to Poly Network.
On Monday, White Hat even went on to post a message on the Ethereum blockchain regarding the situation. According to reports, it appears that White Hat has utilized and exploited a vulnerability within the digital contracts that they use to move assets between various blockchains.