Home News Hacker gets 500K reward for returning stolen cryptocurrency

    Hacker gets 500K reward for returning stolen cryptocurrency


    Hacker gets 500K reward for return stolen cryptocurrency

    The saga of what has been dubbed the biggest hack on this planet of decentralized finance seems to be over as Poly Community recovered greater than $610 million in cryptocurrency belongings it misplaced two weeks in the past and the hacker obtained a $500,000 bounty for returning the cash.

    Right now, the hacker, known as Mr. White Hat, gave Poly Community entry to the final tranche of stolen digital belongings of their pockets, price about $141 million.

    The $500k “thanks”

    Poly Community has now moved to the “Asset Restoration” operation, the second final stage of bouncing again from the safety breach it suffered earlier than resuming all providers.

    The incident occurred on August 10, when an unknown social gathering transferred into their wallets Binance Chain, Ethereum (ETH), and Polygon belongings from the decentralized cross-chain protocol and community Polygon Community:

    Information rapidly unfold on the blockchains and the three pockets addresses utilized by the attacker have been marked as PolyNetwork Exploiter to let exchanges know that the belongings had been stolen and to not course of any transactions.

    On the identical day, Poly Community urged the hacker to return the hacked belongings and mentioned they have been prepared to speak issues by to “work out an answer:”

    It’s unclear if this message influenced the hacker’s resolution or the claims of the blockchain safety firm SlowMist that it had tracked the attacker’s electronic mail and IP addresses, and the machine fingerprint, however Mr. White Hat introduced the very subsequent day that they might return all of the stolen belongings.

    Mr. White Hat began with about $260 million price of digital belongings and at this time handed over to Poly Community a personal key to the three/4 multi-signature pockets, releasing the final portion of the loot, 28,953 ETH and 1,032 Wrapped Bitcoin (WBTC), price about $141 million.

    “At this level, all of the person belongings that have been transferred out throughout the incident have been absolutely recovered. Because of Mr. White Hat’s cooperation, Poly Community has formally entered the fourth section of our roadmap “Asset Restoration”. We’re within the strategy of returning full asset management to customers as swiftly as potential” – Poly Network

    Poly Community’s “thanks” got here within the type of about $500,000 (160 ETH) and an “invitation” for Mr. White Hat to turn into its Chief Safety Advisor. The corporate additionally said it had no intention to carry the hacker legally accountable.

    Poly Community saved its phrase and on August 19 transferred the160 ETH to a pockets deal with that the hacker had made public.

    The response from the hacker in regards to the job provide by no means got here, although. Nor did their reply in regards to the bug bounty.

    Beginning August 14, Poly Community began to doc the progress it made for the reason that assault in a collection of updates on the Medium publishing platform [1, 2, 3, 4, 5, 6]. Right now, the corporate introduced that it began the full asset restoration course of.

    Poly Network recovery roadmap
    supply: Poly Community

    In about two weeks, Poly Community went from shedding greater than half a billion U.S. {dollars} to gaining worldwide notoriety not just for being the sufferer of the biggest cryptocurrency heist by far, but in addition for recovering all of the belongings.

    Moreover, the corporate determined to let bygones be bygones and never observe authorized motion towards the hacker however provide them a high safety job and $500,000.

    The reward could appear small in distinction with the worth of the stolen belongings however it’s a hefty pile whenever you assume that the hacker won’t have been in a position to spend a dime from the loot.

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