recovery of funds stolen from Poly Network concludes with the release of more than USD $33 million in USDT funds frozen by the Tether
The DeFi protocol that was hacked several weeks ago and had $610 million USD stolen from it, Poly Network,
indicated that it has now recovered all of the funds that were stolen from it.
The news was announced by the Poly Network team through a publication on its Official Blog, where it indicated that the process for the recovery of the capital was officially concluded yesterday, just after the Tether team released a total of USD $33,431,200 in USDT
tokens that were frozen shortly after the attack perpetrated on August 10.
In this regard, the Poly Network
staff indicated that this figure was the remaining capital to be raised to recover all of the funds that were stolen from them at the time, for which they thank all users who patiently waited for the investigation to conclude and reported that they are now ready to resume business as normal.
The attack against Poly Network
As such, the Poly Network
platform was the victim of an attack last August 10, where those responsible took advantage of a security flaw present in the protocol with which they were able to siphon about USD $610 million in various cryptocurrencies. This resulted in one of the largest thefts in the history of the digital currency ecosystem.
However, amidst all the commotion over the theft of the funds, the hacker responsible for the attack came forward and stressed that he carried out such events just for fun, returning the funds gradually as in a first operation he consigned a total of USD $342 million in a series of transactions.
Subsequently, the attacker provided Poly Network team members with the private keys to a wallet where the rest of the stolen coins were stored. However, all that remained to be recovered were the remaining USDT funds that were frozen by the Tether
team when they were informed of the attack.
While the investigation was ongoing and the stolen funds were being recovered, the Poly Network
opened a bounty program at
which invited cybersecurity specialists to find more vulnerabilities in its platform. For this purpose, it offered a total of $500,000 USD to be distributed among successful participants.
As of press time, the DeFi platform has already restored crosschain functionality for some 59 cryptocurrencies it operates with, although it will be opening the channels progressively, making sure there are no security gaps in those bridges.
Among other anecdotal information associated with what happened, the Poly Network team also took advantage and extended the attacker an invitation to join its team, offering the position of chief security advisor for the platform.
Version by Angel Di Matteo / DiarioBitcoin
Image by Unsplash