InstaForex

August 24, 2021

Crypto Heist In Poly: A Happy Ending!

 In early August the crypto community was rocked by an incident described as a ‘Crypto Heist’, in which Poly Network was reported to have been the victim of hacking, resulting in the loss of funds worth RM2.5 billion ($ 600 million) in the blink of an eye.


This episode continues when Poly Network tries to appeal for hackers to return the stolen value and in time Poly Network's superiors promise to give a lucrative return.


Today Poly Network has uploaded a statement concluding the end for this incident. Poly Network says that nearly the entire $ 600 million stolen this month has been returned by the people who orchestrated the attack.


In a post on Twitter, Poly Network said it had recovered all assets except the $ 33 million stablecoin tether that had been frozen by the crypto exchange. They stated that they were in talks with the tethering company about the freezing of the funds.



The hacker in one of his statements said that he did it just for fun in order to expose vulnerabilities and plan to return the seized crypto assets.


Dear "Hacker",


Thank You! We are ready for a new journey.


Poly Network Teamhttps: //t.co/djwsVJRXrN


- Poly Network (@PolyNetwork2) August 23, 2021


Poly Network called the hacker a "White Hat" and offered the position of network security manager. The hacking attack on Poly Network made this incident the largest hacking case in the history of crypto.