Poly Network Hacker has Revealed $140M Crypto Wallet Key

There was a security breach at the Poly Network earlier this month during which a considerable amount of cryptocurrency was stolen along with the personal information of hundreds of users. Now, after almost a whole month, the hacker responsible for the Poly Network attack has shared with the world the news of a digital key that can unlock a wallet containing $140M in the form of crypto. In the course of the hacking, the hacker deposited all the loot into a multi-signature wallet controlled by both parties, and for this, the Poly Network team has duly thanked the hacker by mentioning that they are ready for a new journey.

It was quite a hectic situation as the hack completed itself in a series of steps, taking away small churnings of crypto every time. The hacker did go by the name Mr. White hat and was without a doubt a nuisance for the Poly Network. Anyway, now when things are back to normal, and there seems to be a newly provisioned truce where the hacker has come forward to deposit the key to an open-source depository, and the Poly Network team has acquired it, which has led them to $140M worth of crypto assets stolen earlier by the hacker.

Biggest Hack of DeFi Industry

The hacker has also apologized to the whole team addressing their act of hacking as mad or wild behavior, which shoved the company into consecutive crises one after the other. This act right here is being called the biggest hack in the Defi universe, which led to the stealing of almost $600M from a cross-chain interoperability protocol.

After successful negotiation between the hacker and the Poly Network developers, the hacker managed to deposit most of the funds into a multi-signature wallet controlled in unison by the hacker and the Poly Network team.

Thus began the recovery process where the Poly Network team continued to plow most of their crypto assets back, but the process was hindered with consistent breaks from the hacker’s side as he continued to withhold most of the keys until the final stages of the recovery process. Anyway, it is almost finished now, and everyone can get back to their normal routine but with the thought of making the Defi space better.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

All You Need To Know About New Innovations In The Crypto Space

BTC is always going to stay at the top like a boss, but the developments which are happening in DAOs, layer-2 solutions, NFTs with the emerging metaverse, and utility are much more groundbreaking and innovative right now. Bitcoin Is Great There is something definitely brewing, and those who have capable noses can easily smell it. […]

Binance Appoints Ex-detective as Director of Audit and Investigations

Binance continues to grow in this new era of crypto adoption, and to make sure that the exchange is well equipped with modern regulations and regulatory insight, Binance has acquired a new director for audit and investigation. Aron Akbiyikian is a well-renowned digital media analyst and forensic expert, and he has taken charge as the […]

Financial Giant SBI Holdings has Launched Crypto Fund

It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But […]

Poolz Introduces $2 Million Fund for NFTs and Gaming Projects

Fundraiser and token launcher, Poolz, has said that they are bringing up a $2Million fund that will be used in the research and development of new and unique NFT and gaming projects. Poolz is establishing a fund that will contribute to the research and development of new NFTs and gaming projects in hopes of giving […]

Russian Sberbank Will Roll Out Its Digital Asset Tool This Month

Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a […]