PolyNetwork Hacking Saga: Most of the funds returned, says PolyNetwork

Karthik Subramanian

PolyNetwork, the network that has been affected by a $613 million hack, announced that most of the lost funds have been returned by the hacker over the last couple of days and talks are still going on to return the rest of the funds.

This was announced by the company on Twitter as it continues to be at the mercy of the hacker(s) for the return of the funds which are being returned into a multi-sig wallet that is controlled by both the company as well as the hacker(s). The hacker(s) seems to be a White Hacker who basically does hacking to exploit and show to the businesses the various vulnerabilities that are present in their system with no intention of any malice.

The hacker(s) has told the same as he said that they do not have any intention to steal the funds and it was all for fun and to show how vulnerable the smart contracts used by PolyNetwork were and he wanted to show it to the company before someone within the company or outside exploited it for their benefit. Though the company initially adopted a belligerent tone against the hacker(s), they have now mellowed down a lot and have even offered a $500,000 bounty to him along with a promise that he won’t be pursued any further.

Some of the crypto analysts have theorized that the hacker(s) has offered to return the funds as he was finding it difficult to move such huge funds in the ETH, BSC, and Polygon networks and they have complemented the blockchain networks and the communities for acting quickly for tracing the flow of funds and in some cases, freezing the assets so that they could not be moved around, which is a standard strategy for hackers.

This hack has been one of the largest in the crypto ecosystem and especially the largest in the DeFi history whose USP is that large funds would not be concentrated within a single contract or wallet thus making it less viable for hacking. The funds are supposed to be highly decentralized or distributed so that each wallet or contract would have very few funds within it. The fact that many of the major blockchain networks like Ethereum, BSC, and Polygon were affected does dent the confidence of the investors though those with in-depth knowledge of the workings of the network would realize that the hack was more to do with how the PolyNetwork developers handled the contract rather than a security loophole within the networks themselves.

Read this next

Retail FX

CySEC slaps €150,000 fine on FXBFI, operator of 101investing brand

The Cyprus Securities and Exchange Commission (CySEC) today announced that it has reached a settlement with FXBFI Broker Financial Invest Ltd, trading as 101investing, ordering the firm to pay €150,000 for violating the Investment Services and Activities and Regulated Markets Law.

Retail FX

X Open Hub expands multi-asset offering with new cryptocurrencies and indices

X Open Hub, a multi-asset liquidity provider, announced today that it has extended its offering with inclusion of 30 new cryptocurrencies and two emerging market indices.

Retail FX

Interactive Brokers now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Inside View

Natural Language Generation for Multi-Language Social Media Strategies 

Natural Language Generation (NLG) is a crucial growth area in the digital landscape, with the unique potential to be used across multiple industries.

Market News, Technology

The B2Core Android App is Now Available For Download

The first version of the B2Core Android app is available for download, and it has many beneficial features for users.

Digital Assets

XBO taps custodian Fireblocks ahead of crypto exchange’s launch

XBO.com has integrated with digital asset and crypto technology platform Fireblocks ahead of the crypto exchange’s upcoming launch.

Industry News

Appital raises another £1.7m after integrating with FactSet, FlexTrade, and TS Imagine

“Appital has a proven track record in securing partnerships with major EMS providers, executing brokers and a trading venue to address the lack of efficiency and control over existing bookbuilding and deal distribution processes.”

Digital Assets

Tim Draper backs crypto-focused asset manager OSD in seed round

“The Old Street Digital team is well-positioned to provide access to a range of research-backed, crypto-based investment funds, and we at Draper Associates are excited to support them.”

Industry News

Swissquote launches mobile payments app TWINT

Swissquote has announced the launch of its own TWINT mobile payment app, effective today.

<