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gold and silver round coin

By Tharini Ilanchezhian

Poly Network, a crypto currency platform had lost whooping amount of $610 million because of this heist. Sources say that it had offered the hackers an amount of $500,000.

As a meagerly known name in the world of crypto, Poly Network is a decentralized Finance (DeFi) platform working on enabling a peer-to-peer transaction by allowing users to make use of tokens across different block chains. In a statement, the firm thanked the hacker jargoned as 'White Hat' saying that he had helped them improve the poly network securities. The hacker had earlier claimed that the heist was 'Just For Fun' and to expose the vulnerabilities of crypto cyber world.

Poly Network had in terms of appreciation, rewarded the hacker with $500,000 on account of returning the digital coins. The statement has not disclosed the medium of payment of the $500,000. It said that the hacker had responded to the offer but did not reveal that if it was accepted or rejected.

black flat screen computer monitor Photo by Behnam Norouzi on Unsplash

The blockchain security firm Snowmist stated that the hackers were able to rob the $619 million worth of Ethereum, Binance, Smart chain and USDC (USD coin) from the crypto currency platform. This biggest hack in history of Decentralized Finance (DeFi) has alarmed the world of crypto currency.

According to the Blockchain analysis company Chainalysis, the unidentified hacker has exploited and made use of the vulnerabilities of digital contracts used by Poly Network, to move assets across different blockchains.

According to a statement released on Friday, the hacker returned crypto worth of $340 million to the firm whereas the bulk rest of the assets were combined controlled by them and Poly Network. Poly Network has announced the heist by Tuesday, but the immediate day after this occurred, the hackers started returning money to the firm.

The hackers claimed that the planned attack of the digital coins was for 'Fun' and the plan was to return them anyway. Blockchain analysts have stated that the hackers would have found it challenging to launder such a huge scale amount of stolen crypto currency.

Poly Network had also written a note on its twitter warning the hackers about the legal consequences of the action saying that the law enactments of any country will take this heist into consideration as a huge economic crime and the hacker would have had to face severe trials.


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