- Poly Network hacker has started returning the funds that were stolen in the largest DeFi hack to date.
- This is happening because the hacker’s ID information was obtained by Slowmist – a blockchain security company.
The hacker managed to steal $611 million from Poly Network and has now started returning the stolen cryptocurrency. This is just less than a day after their ID information was obtained by Slowmist. A total of $256 million has been wired back to the network.
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It is reported that 7 minutes before making the transaction returning the funds, the hacker created a token titled “The hacker is ready to surrender”. The token was then sent to Polygon address.
They decided to send $1 million in USDC on the Polygon blockchain. The return was made in three transactions which were incremental (10, 10,000 and 1 million). Also they transferred 23.8 BTCB ($1.1 million), a bitcoin-pegged token on Binance Smart Chain. They also surrendered 259.7 billion shiba inu tokens.
After a few hours, they spoke to the Poly Network team using coded messages and then sent majority of the assets to Binance Smart Chain.
This is now the biggest DeFi hack so far so good. Previously hackers stole $273 million of Ethereum tokens, $253 million tokens of Binance Smart Chain and $85 million in USDC on the Polygon network. The only swift action was by Tether when they blacklisted the stolen USDT on ethereum which was valued at $33 million.
Slowmist, a blockchain security company, is reported to have tracked down the IP and email address of the hacker while they continued investigating the ID intel.
Slowmist further stated that the hacker used a less known Chinese crypto exchange – Hoo when collecting the resources to facilitate the hack.
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