Poly Hacker Returns Over a $1M in Crypto

2 mins
11 August 2021, 12:27 GMT+0000
Updated by Ryan James
11 August 2021, 12:27 GMT+0000
In Brief
  • Yesterday, Poly Network reported over $600 million stolen.
  • Initially, the $10,000 in USDC was returned, only to return a million shortly after.
  • The hacker stole funds across three platforms.
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Following yesterday’s multi-platform hack, the hacker has returned over a million dollars of stolen crypto back to the network. 

Yesterday afternoon, the Poly Network reported a hack of over $600 million across multi network partners. The network came out with an initial statement on Twitter which included funds of Binance, Ethereum, and Polygon. 

Shortly after the attack Poly addressed the hacker in an official statement, which recognized the attack as the biggest yet in DeFi history. The network stressed the consequence of the hack and the losses of thousands of network users. 

Amicably, Poly Network ended the statement by saying, “you should talk to us to work out a solution.”

In lieu of a conversation, earlier today, the hacker returned funds back to the network. The initial transfer of funds accounted for 10,000 USDC. However, shortly after the first installment, the hacker returned about $1 million. 

Currently, the Poly Network and its community is left waiting to see how the hacker plays their next move. Poly released a series of wallet keys, which allow the hacker to easily return the stolen funds. 

Following the return of the million USDC, Poly Network sent a message to the hacker, which confirmed the transfer and added, “you are moving in the right direction.”

Cyber attacks surge

This year cybersecurity is a major topic for the crypto community, as more people enter the space due to the popularity of NFTs. A report at the end of 2020 calculated the total cost of security incidents in the crypto industry over a decade to equal $7.6 billion. 

The concern towards these types of attacks has not lessened. This year bitcoin-targeted cyber attacks surged by almost 200%. As crypto industry assets become more valuable and desirable, so will the need for increased security protocols across the entire industry. 


BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.