Category Archives: poly network

Poly Network fully recovers assets stolen in unusual $600M cryptocurrency hack

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Poly Network has completely recovered all $610 million worth of user assets stolen by a hacker earlier this month, the company announced Thursday. In an unusual twist, the hacker returned roughly half of the assets within the first 24 hours and the rest later. The hacker had exploited a vulnerability in the company’s system that allows different chains of cryptocurrency to communicate. The hacker has claimed that he hacked the company “for fun” and had never intended to keep the money. “That’s always the plan! I am _not_ very interested in money!” he wrote in a message alongside the online transactions. “I know it hurts when people are attacked, but shouldn’t they learn something from those hacks?” The company offered the hacker a $500,000 bug bounty for finding the vulnerability as well as a role as its chief security officer, both of which he declined. The company said that it […]

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Poly Network offers bug bounty to hacker who stole $600 million worth of cryptocurrency

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Poly Network is offering the hacker that stole $600 million worth of virtual currencies from the company a half-million dollars as a bug bounty, the company said Friday. Poly Network said that as of early Friday morning the hacker had returned roughly $340 million worth of assets they stole from the company. The remaining cryptocurrency assets have been transferred to a wallet jointly controlled by Poly Network and the hacker.  The company is also still trying to retrieve $33 million worth of Tether cryptocurrency frozen by Tether. A hacker, who the company is now calling “Mr. White Hat,” stole $600 million worth of virtual currencies from Poly Network on Tuesday. Less than 24 hours later, he began to return it. The hacker claimed in blockchain messages shared by cryptocurrency compliance firm Elliptic that he stole the money “for fun” and to keep it safe from others who might exploit a […]

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Hackers returned some of the $600 million they stole from Poly Network, a cryptocurrency firm

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An unidentified hacker stole $600 million worth of virtual currencies from Poly Network the cryptocurrency company announced Tuesday. Then in an unusual twist, less than 24 hours later, the hacker began to return some of the stolen money after a public plea from the company. As of publication time, the hacker had returned more than $4,772,000 worth of assets, according to the company. Chainalysis, a cryptocurrency-tracking firm, confirmed Wednesday that funds were on the move. The incident is the largest public attack against the decentralized financed industry to date. The identity of the thieves remains unclear. Poly Network offers a service that promises interoperability between different chains of cryptocurrency, which each have their own digital ledger and act independently of one another. A preliminary investigation by cybersecurity firm SlowMist found that the hacker exploited a vulnerability in a feature that allows for the implementation of exchanges across chains. This allowed […]

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