Poly Network has now recovered all of its hacked assets

1 month ago 15
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Tether has released the last 33 cardinal USDT of Poly Network’s assets, aft hacker “Mr. White Hat” returned the rest

Cross-chain decentralised concern (DeFi) protocol Poly Network finished recovering each of its assets, according to a blog post published yesterday.

On 10 August, the protocol was the unfortunate of the largest ever DeFi exploit, erstwhile it was attacked simultaneously connected Ethereum, Polygon and Binance Smart Chain for a full of $611 million.

Poly Network published the attacker’s blockchain addresses and called connected the crypto assemblage to blacklist coins coming from these addresses. Tether was speedy to respond, freezing astir 33 cardinal USDT successful the ETH address.

The hacker, who has been dubbed “Mr. White Hat” by Poly Network, revealed the adjacent time that they had carried retired the exploit “for fun” successful an on-chain AMA with themselves. By 12 August, Mr. White Hat had returned $342 cardinal of the hacked assets and the pursuing week, they were offered the occupation of Chief Security Advisor of Poly Network.

On Monday, the protocol revealed that the hacker had shared a backstage cardinal to a multi-signature wallet containing the remaining $141 cardinal successful their possession. This meant that Poly Network had recovered each of the mislaid funds but the $33 cardinal frozen by Tether, saying successful the Monday blog station that they had been successful “close communication” with the stablecoin issuer and were following “Tether’s modular process”.

Yesterday’s blog station confirmed that that process was implicit and Tether had released the 33,431,200 USDT into Poly Network’s designated multi-sig address.


Recovering the assets was signifier 4 of Poly Network’s betterment roadmap and the protocol is present moving onto signifier five, namely, resuming services. The Poly Bridge has reestablished cross-chain functionality for 59 antithetic assets, with much services to unfastened up much gradually owed to “security reasons”.

Poly Network is besides launching a bug bounty programme connected Immunefi with a $500,000 prize excavation to observe immoderate different imaginable vulnerabilities successful the protocol.

“Poly Network would similar to convey Tether for their punctual assistance close from the opening of the incident,” work yesterday’s blog post, “and we admit the enactment and knowing of our users arsenic they patiently awaited the betterment of their assets.”

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