Hacker Finally Returns all of the $600 Million of Stolen Crypto

PolyNetworks has been waiting for the thief to finally give back the rest of the cryptocurrency that was stolen in the heist two weeks ago. The final $140 million worth of Ethereum remained trapped in an Ethereum Wallet, but the hacker finally handed over the key to PolyNetworks.

Hacker Finally Returns all of the $600 Million of Stolen Crypto
Photo by Executium / Unsplash

PolyNetworks has been waiting for the thief to finally give back the rest of the cryptocurrency that was stolen in the heist two weeks ago. The platform says their main priority was to return the stolen money to their users first.

The return of the cryptocurrency and assets began just about 48 hours after the details of the heist went public. The hacker claims they were always going to return the funds from the very beginning. The Decentralized Finance (DeFi) Platform has now officially confirmed that it recovered the full amount that was stolen.

[Read More! $600 Million in Cryptocurrency Stolen in a Major Crypto Heist]

The final $140 million worth of Ethereum remained trapped in an Ethereum Wallet until just yesterday morning (August 23). The hacker finally handed over the key to PolyNetworks.

PolyNetworks wrote the following:

Thanks to the users’ patience and support for the past 10 days, the Poly Network team will proceed with accurate accounting of the assets and return them to the users within the shortest time frame possible.

Once PolyNetworks got back the cryptocurrency and assets, they will gradually resume cross-chain functionality for their platform completely. This will also be subjected to several security checks and audits to make sure the platform is back up and running as secure as possible.

Roughly just a little over $30 million of Tether – a stable coin tied to the US Dollar – currently remains frozen. PolyNetworks says it is in close communication with Tether to complete the required checks to release those funds.

PolyNetworks is in constant communication with the Hacker. They refer to him as Mr. White Hat. The company has chosen to offer him a job as their Chief Security Advisor. This goes along with a $500,000 Bounty for discovering the security flaws that enabled the hacker to access the network and take the cryptocurrency and assets.

There was a note attached to the Final Transaction with PolyNetworks. The note says that he apologizes for the inconveniences that he has caused while also calling the events that happened a wild adventure. He also would like the bounty and donations they have gotten from the public to go to the hack victims.

PolyNetworks said it plans to officially introduce a Security Bounty Program into its structure for Cybersecurity Researchers to report vulnerabilities, exploits, and bugs which will hopefully keep this from happening again. They will even offer $500,000 to researchers who report serious security flaws in their platform.

The exact nature of the exploit that enabled this theft has not been made public. Some believe the hacker was able to use a flaw in the PolyNetworks system to execute transactions for which he should not have had permission.