• The Poly Network hacker returns nearly all of the stolen funds totaling $611 million

  • The funds have been returned over the course of two days. Yesterday, the hacker had returned around $256 million of the loot, including large amounts of BTCB, a bitcoin-pegged token on Binance Smart Chain, ether (ETH) and the stablecoin BUSD.

    The funds were stolen in the largest DeFi hack to date on August 10. They were hijacked from Poly Network, which is a cross-chain protocol that lets crypto users swap tokens among blockchains. The hacker effectively convinced the network to authorize a transaction sending large amounts of funds from three blockchains to their own accounts.

    Over the course of two days, the funds were returned. The hacker returned approximately $256 million in loot yesterday, including large amounts of BTCB, a bitcoin-pegged token on Binance Smart Chain, ether (ETH), and the stablecoin BUSD.

    On August 10, the funds were stolen in the largest DeFi hack to date. They were stolen from Poly Network, a cross-chain protocol that allows crypto users to exchange tokens between blockchains. The hacker successfully persuaded the network to authorize a transaction transferring large sums of money from three blockchains to their own accounts.

    The hacker reportedly communicated with the Poly Network team after their identity was narrowed down by blockchain security firm SlowMist.

    The two entities communicated by sending each other cryptocurrency transactions containing messages. The hacker claimed they could have taken even more funds and asked for donations in exchange for people agreeing to return the funds. They also notified one user that Tether had frozen some of the funds.

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