Cryptocurrency heist hacker
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Cryptocurrency Heist Hacker Returns $260m In Funds To Poly Network

The hacker behind one of the largest cryptocurrency heists has pledged to return funds to Poly Network as the hacker is not very much interested in money.

Poly Network, a blockchain platform that lets users swap different types of digital tokens, wrote a letter on Twitter to the hacker to communicate and work out a solution.

The hacker returned $260M in funds. The company got back three cryptocurrencies, including $3.3m worth of Ethereum, $256m worth of Binance Smart Chain (BSC), and $1m worth of Polygon. However, A total of $269m in Ethereum tokens and $84m in Polygon tokens has yet to be recovered, BBC reported.

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The hacker published a three-page-long Q&A session in which they claimed that they always planned to return the tokens and said the heist was carried out to highlight vulnerabilities in Poly Network software.

The hacker was concerned about Poly Network silently solving its security flaws.  As a result,the hacker began exploiting the vulnerabilities in order to make a point.

According to the co-founder of Elliptic, Tom Robinson, the hacker intended to commit theft. Alternatively, they were acting like a white hat hacker to expose a bug in order to help Poly Network make themselves more strong and secure.

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Mr. Robinson wondered whether the hacker realized how much publicity and attention they were getting and realized they would be watched, and decided to return the funds.

He added that due to blockchain technology it is difficult for cyber-criminals to profit from stealing digital currencies. This is because everyone can see the money transferred across the network into the hackers’ wallets.

Similar attacks have happened to several other services in the last 12 months. Hackers had stolen $11M from Yearn Finance in February. For Alpha Finance, it was $37M in the same month. And Meerkat Finance, which had $32M stolen by hackers in March.

The hacker posted online that the pain suffered was temporary but memorable. Irrespective of whether the hacker’s intention was good or evil, the authorities will still work hard to find them. Watch this space for the latest business news.

Rahul Macwan

Rahul Macwan

A writer with a literary and cinematic appetite for highbrow matter.


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