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.