How to make $610 million in one click with cryptocurrencies... and ultimately give it all back? The happy ending of the PolyNetwork case

Final episode of the series – The PolyNetwork hacker, dubbed “Mr. White Hat,” has finally returned the remaining funds he siphoned off. A gesture that signs the end of a rocky adventure, which could have turned into a nightmare for the decentralized finance protocol (DeFi)

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A promise made, a promise kept

The PolyNetwork protocol hack has been the subject of much ink in the crypto media, particularly following

the

hacker’s promise to return the $610 million

in cryptocurrencies he had stolen. The protocol team then rushed to create 3 addresses to receive the returned funds.

PolyNetwork announced

in a tweet on August 23 that the return of the remaining $141 million has been made. The hacker has therefore returned the 28,800 ethers and 1,000 WBTC still in his possession. Publication Twitter de Poly-Network annonçant que le hacker a restitué les fonds restants de 141 millions de dollarsPublication Twitter de Poly-Network annonçant que le hacker a restitué les fonds restants de 141 millions de dollarsPolyNetwork publication – Source: Twitter

PolyNetwork will now be able to give back to its users the total control of the assets that were stolen:

“The team has confirmed that the private key is genuine and functional. As of now, Poly-Network has regained control of the $610 million (not including the $33 million USDT frozen) in assets that were globally affected by this attack.”

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Hacker amply rewarded

The story has a “happy ending” for PolyNetwork, which has publicly thanked the hacker for his gesture:

“Once encore, we would like to thank Mr. White Hat for keeping his promise as well as the community, partners and multiple security agencies for their help.

As a reminder, Mr. White Hat had exploited a vulnerability in Poly-Network’s smart contract, quietly siphoning off the $610 million he just returned today.

The PolyNetwork team had offered a $500,000 bounty to the hacker for identifying the flaw, which he finally accepted. The hacker even received a job offer from Poly-Network as chief security advisor.

This time, PolyNetwork was lucky. Even so, DeFi needs to make more of an effort on the security front, as the sector has a poor track record, according to the CipherTrace report released this August 2021.

The many victims of this curious summer soap opera can rest easy! If on your side you prefer to remain quiet, prefer robust platforms like Swissborg where an exceptional offer awaits you. Indeed Swissgorg is currently offering you up to €100 in cryptocurrencies when you register (affiliate link, for a minimum deposit of 50€)