Disclaimer: We may earn a commission if you make any purchase by clicking our links. Please see our detailed guide here.

Follow us on:

Google News

Hacker Unwillingly Begins Returning Over $600 Million Worth of Stolen Cryptocurrency

Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

Join the Opinion Leaders Network

Join the Techgenyz Opinion Leaders Network today and become part of a vibrant community of change-makers. Together, we can create a brighter future by shaping opinions, driving conversations, and transforming ideas into reality.

In a recent hack on a protocol known as the Poly Network, over $600 million worth of cryptocurrency is estimated to have been stolen, but that isn’t the news at the moment. According to Chainalysis and CNBC, whoever stole those cryptos in what Bloomberg has tipped to be one of the largest hacks in decentralized finance, is in the process of returning them.

The Poly Network, as it were, is a protocol that allows users to transfer cryptocurrencies between blockchains. And due to its role as the connecting bridge, stolen assets usually come in different types of tokens and in their hundreds — ranging from Ethereum to Binance to Dogecoin.

In a recent tweet from the official Twitter page of the Poly Network, they cited the huge amount of money stolen by the hacker as they went on to tell whoever was behind the hacking how such a person would be in serious trouble with law enforcement agencies for stealing from “the people”.

Now it seems as though the tweet post by Poly Network may have worked. Moments after, the hacker has responded in a string of coded messages, The hacker said they were absolutely ready to return all the stolen funds, but would be needing some kind of re-entry back into Poly Network. Poly Network has since provided them with addresses to send the crypto to, and the coins have already started to flow.

As of 10 AM ET Today, about $5 million have already been returned, but it looks like the attacker intends to get rid of the lower-value cryptos first. They embedded a message saying they were “DUMPING SHITCOINS FIRST.”

Multiple theories have been flying around about how the attack happened. While Poly Network still maintains that the attackers latched on an interaction between two contracts, we most likely will never know exactly what happened until a thorough investigation is completed. And when that investigation is completed, we still might not know how much the hacker actually got away with.

As of yesterday, the attackers suggested in one of their messages that they are “not so interested in money, now considering returning some tokens or just leaving them here.” They also wrote about how returning the money will make them an eternal legend. But now, ever since they started returning the funds, they have posted another message asking for donations from those who support their decision to return the funds. This directly calls into question, their earlier statement of not being so interested in money. They obviously don’t really wish to return the stolen funds, they are simply doing so out of fear of not being able to use them or that eventually, the long arms of the law will catch up to them. 

Join 10,000+ Fellow Readers

Get Techgenyz’s roundup delivered to your inbox curated with the most important for you that keeps you updated about the future tech, mobile, space, gaming, business and more.


Partner With Us

Digital advertising offers a way for your business to reach out and make much-needed connections with your audience in a meaningful way. Advertising on Techgenyz will help you build brand awareness, increase website traffic, generate qualified leads, and grow your business.

Power Your Business

Solutions you need to super charge your business and drive growth

More from this topic