Poly Network has now recovered all its assets

Tether has released the last 33 million USDT of Poly Network’s assets, after hacker “Mr. White Hat” returned the rest.

Decentralized finance (DeFi) cross-chain protocol Poly Network has finished recovering all of its assets, according to a blog post published yesterday.

On August 10, the protocol fell victim to the largest DeFi attack ever, when it was simultaneously attacked on Ethereum, Polygon and Binance Smart Chain for a total of $611 million.

Poly Network published the hackers’ blockchain addresses and called on the crypto community to blacklist coins from those addresses. Tether was quick to respond, freezing about 33 million USDT in the ETH address.

The hacker, who was dubbed “Mr. White Hat” by Poly Network, revealed the next day that he had carried out the attack “for fun” in an on-chain AMA with himself. By August 12, Mr. White Hat had returned $342 million of the hacked assets, and the following week he was offered the position of Poly Network’s chief security advisor.

On Monday, the protocol revealed that the hacker had shared a private key to a multi-signature wallet containing the remaining $141 million in their possession. This meant that Poly Network had recovered all of the lost funds, except for the $33 million frozen by Tether, stating in Monday’s post that they had been in “close communication” with the stablecoin issuer and were following “Tether’s standard process.”

Yesterday’s blog post confirmed that this process was complete and that Tether had released the USDT33,431,200 into the multi-sig address designated by Poly Network.

https://twitter.com/Tether_to/status/1430510652582416387

Asset recovery was the fourth phase of Poly Network’s roadmap and the protocol is now moving on to the fifth phase, namely service recovery. The Poly Bridge has restored cross-chain functionality for 59 different assets, with other services to be opened more gradually for “security reasons.”

Poly Network <a href=”https://twitter.com/immunefi/status/1427170526036959238?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1427172900264583174%7Ctwgr%5E%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fdecrypt.co%2F78635%2Fpoly-network-offer-500000-bug-bounty-after-600-million-hack” target=”_blank” rel=”noopener”>also launches a bug bounty program on Immunefi with a $500,000 prize pool to detect any other potential vulnerabilities in the protocol.

“Poly Network would like to thank Tether for their prompt assistance from the onset of the incident,” the blog post published yesterday reads, “and we appreciate the support and understanding of our users who have patiently waited for their assets to be recovered.”