The recent cryptocurrency theft incident involving Poly Network, where hackers exploited a vulnerability to transfer $610m to different addresses, has taken an unexpected turn. The hacker responsible for the largest-ever cryptocurrency theft has surprisingly paid back nearly half ($260m) of the stolen funds to Poly Network.
Poly Network, a company that facilitates interoperability between different blockchains, fell victim to the hackers who manipulated a vulnerability in their system to carry out the heist. Following the incident, Poly Network took to Twitter to urge the attackers to return the hacked assets, emphasizing the severity of the crime and the potential legal repercussions they could face.
In a three-page ‘Q&A’ posted by the hacker, they claimed to have ethical motives behind the theft and stated that their intention was always to return the funds. The hacker emphasized that they were not primarily interested in money and questioned whether people would learn from such security breaches.
Despite the hacker’s claims, Poly Network revealed that $260m worth of assets have been returned in the form of Ethereum, Binance Coin, and Polygon cryptocurrencies. However, a significant portion of the stolen funds, totaling $269m worth of Ethereum and $84m worth of Polygon, is still unrecovered.
Experts in the cybersecurity field have weighed in on the incident, highlighting the challenges faced by the hacker in withdrawing such a large amount of money in cryptocurrencies. Arseny Reutov from Positive Technologies pointed out that the attacker’s address could be blacklisted by some protocols, hindering their ability to move the funds seamlessly.
BitK, a technical ambassador at YesWeHack, emphasized the importance of proactive security measures such as bug bounty programs to identify and address vulnerabilities before malicious hackers exploit them. By working with ethical hackers through bug bounty programs, organizations can strengthen their security posture and prevent such incidents from occurring in the future.
The unexpected turn of events in the Poly Network cryptocurrency theft case has raised questions about the motives behind the hacker’s actions and the implications for cybersecurity in the cryptocurrency space. As the investigation continues, it serves as a reminder of the importance of robust security measures to safeguard digital assets and prevent unauthorized access to sensitive information.