Poly Network Hacker Returns Remainder of Stolen $610M

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In Brief
  • Poly Network announced the remainder of the funds stolen in a recent attack has been returned.

  • The hacker, Mr. White Hat, stole more than $600 million in user funds "for fun."

  • Poly Network has offered the anonymous hacker a job as Chief Security Advisor and promised not to press charges.

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Poly Network announced on its Twitter account Monday that the hacker ‘Mr. White Hat’ has returned the remaining funds that he stole. 

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The $600 million hack victims tweeted a thank you to the hacker on Monday for returning the rest of the money in his possession. “Dear “Hacker, Thank You! We are ready for a new journey. Poly Network Team,” the tweed read and just about wraps up this ordeal for everyone involved. 

To further explain its current position, Poly Network shared a blog outlining the next steps to restore all stolen assets. The final piece of the puzzle was a private key that Mr. White Hat possessed to the ¾ multi-signature wallet. The information was shared via an on-chain message. “Poly Network has successfully retrieved the remaining 28,953 ETH and 1,032 WBTC (about $141 million). At this point, all the user assets that were transferred out during the incident have been fully recovered.” The blog goes on to again thank Mr. White Hat for his cooperation and that Poly Network has begun the fourth and final phase of its asset recovery plan. “We are in the process of returning full asset control to users as swiftly as possible,” Poly Network says.  

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The recovery process

The private key shared on Mr. White Hat’s chain was verified by Poly Network and was determined to be the genuine key for the multi-signature wallet. After confirming the key is the real deal, Poly Network officially began the process of returning user assets to the numerous individual victims of this attack. “Thanks to the users’ patience and support for the past ten days, the Poly Network team will proceed with an accurate accounting of the assets and return them to the users within the shortest time frame possible,” claims Poly Network. 

The blog goes on to say once the process of restoring assets has been successfully completed. Poly Network will resume cross-chain functionality for all the assets along with other functions “subject to full security confirmation.”

The $33 million in Tether is still being held up, but both entities are working together to release the frozen USDT. According to Poly Network’s post, Tether has begun the process of confirming the final unfreezing and releasing the assets to Poly Network. They ask for users to remain patient as the final steps of this process are taken to regain user funds.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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