Poly Network hacker has already returned $260 million

According to Poly Network, the hackers behind one of the largest cryptocurrency hacks in history have already returned more than a third of the stolen loot.

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In a tweet dated August 12, DeFi Protocol announced that the attackers have returned $260 million of the loot stolen two days ago

. Poly Network also reported that $353 million remained to be returned on the

Ethereum

and Polygon blockchains.

Hacker did it “for fun

As we reported two days ago, interoperable protocol DeFi fell victim to hackers who managed to drain over $600 million. Analysis of the intrusion showed that private keys were compromised. This became possible due to vulnerabilities in Poly Network’s smart contract design.

Poly Network then stated that the hacker stole assets on the Ethereum, Binance Smart Chain and Polygon blockchains. According to the data, the attackers managed to pull $273 million from Ethereum, $253 million from BSC and $85 million in USD Coin (USDC

) from Polygon network.

According to communications

released by analytics firms Elliptic and Chainalysis, the hacker said he did it “for fun.” This is because he wanted to “expose the security vulnerability” before others could exploit it. Ultimately, the attacker planned to return the tokens. According to reports, Elliptic co-founder Tom Robinson said that the decision to return the loot may have been due to the difficulty of laundering such a large sum. He stated:

Even if you can steal cryptocurrencies, laundering and monetizing them is extremely difficult due to the transparency of blockchain and the extensive use of blockchain analytics by financial institutions.

On August 10, the Poly team published a letter to the perpetrator urging him to return the stolen assets. The project wrote that “law enforcement in every country will consider this a serious economic crime and you will be prosecuted”.

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Biggest hack in DeFi history

According to CipherTrace, the entire DeFi sector reported losses of $474 million between January and July. This means that just this one hack was bigger than all of them

other hacks this year combined.

It was also comparable to the theft of $530 million in cryptocurrencies from Japanese exchange CoinCheck in 2018.

A long list of DeFi protocols were targeted by hackers this year. Most of them ran on BSC. Among the victims were PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, Belt Finance, and Impossible Finance.

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