After suffering a massive $643 million hack in early August, decentralized finance (DeFi) protocol Poly Network just retrieved all the stolen funds from the crypto hacker.
On August 10th, Poly Network suffered a large hack involving 59 different crypto assets.
The hack was allegedly conducted by a pseudonymous attacker known as Mr. White Hat. Shortly after the incident occurred, Poly Network began working with the hacker to retrieve the stolen crypto assets.
After receiving the last $33 million that was locked up in the stablecoin Tether (USDT), Poly Network announced it had successfully recovered all of the stolen funds.
“Yay! PolyNetwork has completed the recovery of all PolyNetworkExploit affected user assets.
PolyBridge has now restored cross-chain functionality for a total of 59 assets. Other advanced functions will be gradually restored.”
Tether also took to Twitter to confirm that funds had been safely redistributed.
“After working closely with PolyNetwork through the strict protocols to unfreeze the funds involved in the recent hack, Tether can confirm that the funds have been released today to the legitimate owners.”
Following the hack, Mr. White Hat allegedly left a personal message encoded in the Ethereum transaction history, apologizing for the inconvenience to the project and stressing that the hacking saga was a learning experience for the DeFi community.
“DEAR POLY TEAM,
KEEP CALM AND THIS IS THE HAPPY ENDING! I HAVE TO ADMIT THAT MY WILD OR MAD BEHAVIORS HAVE LED CRISES TO YOUR PROJECT, YOUR TEAM, AND EVEN YOUR LIVES. SORRY FOR THE INCONVENIENCE! IT MUST BE ONE OF THE MOST WILD ADVENTURES IN OUR LIVES…
WHY DO WE FALL? SO WE CAN LEARN TO PICK OURSELVES UP. THIS INCIDENT MUST BE A SERIOUS LESSON TO MANY OF US, OR EVEN THE WHOLE DEFI COMMUNITY. PERSONALLY, I HAVE LEARNT AND PRACTISED A LOT. AND I TRIED TO POINT OUT SOME CRUCIAL FACTS ABOUT THIS CRAZY DEFI WORLD (PLEASE IGNORE MY BAD JOKES SINCE THE BEGINNING), AND HOPEFULLY, MY PHILOSOPHY COULD BE INSPIRING, ESPECIALLY TO THOSE GEEKS WHO HAD MISBEHAVED ACCIDENTALLY.”
Poly Network thanked the hacker for returning the funds back.
Thank You! We are ready for a new journey.”