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Massive crypto robbery decentralized Poly Hundreds of millions of dollars’ worth of financial networks has shocked the nascent industry, but it seems to have a happy ending.
$ 613 million
According to Poly Network, the hackers behind one of the largest crypto robberies in the industry’s history have returned more than half of the stolen loot of $ 613 million. In a August 12 tweet, Poly Network announced that it had received over $ 340 million back from the attackers.
— Poly Network (@PolyNetwork2) August 11, 2021
Notice for Poly Network
Interoperable cross-chain protocol DeFi was robbed of more than $ 600 million. Intrusion analysis revealed that private keys had been compromised, which was facilitated by errors in the design of the Poly Network smart contract.
Poly Network said at the time that the hacker had removed assets from Ethereum, Binance Smart Chain and Polygon. Blockchainová the data showed that approximately $ 273 million was drawn from Etherea, $ 253 million from the BSC, and $ 85 million from the Polygon network in USD Coin (USDC).
According to reports shared by Elliptic and Chainalysis, which monitor kryptoměn, the person who claims to have carried out the hack said she did it “for fun”, wanted to “detect the vulnerability” before others could use it, and planned to return the tokens.
According to reports, Elliptic co-founder Tom Robinson said that the decision to return the loot could be caused by problems with washing the stolen cryptocurrency on such a scale. He stated:
“Even if you manage to steal a cryptocurrency, its washing and monetization is extremely difficult due to the transparency of blockchain and the widespread use of blockchain analytics by financial institutions.”
On August 10, the Poly team released an open letter to the perpetrator calling on him to return the stolen assets because “law enforcement authorities in any country will consider it a serious economic crime and you will be prosecuted.”
The biggest abuse of DeFi
According to CipherTrace, the misuse of the Poly Network worth $ 600 million significantly outweighed the criminal losses of $ 474 million dollars, which was recorded by the entire DeFi sector from January to July.
It was also comparable to theft kryptoaktiv $ 530 million from the Tokyo Stock Exchange CoinCheck in 2018.
The target of the attacks this year was a long list of DeFi protocols, most of which ran on BSC. These include PancakeBunny, Cream Finance, bEarn, Bogged Finance, Uranium Finance, Meerkat Finance, SafeMoon, Spartan Protocol, Belt Finance and Impossible Finance.
Conclusion
Hackers, thieves and fraudsters will always be looking for new ways to come up with nice amounts of money. However, the question is whether such a warning attack was needed, whether it was not better to write a letter to the company and reveal the shortcomings found in it.
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