The hacker behind the largest Decentralized Finance hack has started returning the $600 million amount they stole from the Poly Network.
The hacker has already sent $10,000 in USD coins (USDC) to the wallet address issued by the Poly Network at 08:46 UTC on the 11th and another $1 million soon after.
They also send back $1.1 million worth of the Binance-peg Bitcoin token BTCB via Binance Smart Chain at 09:49 UTC. The hacker also returned $2 million worth of Shiba Inu and $600,000 in stablecoins on Ethereum at 10:44 UTC.
In total, only $4.7 million worth of crypto assets has been returned as of yet. Poly Network had only about $400 million stored after the heist occurred.
The hacker announced their intention to return the money via a series of messages embedded in Ethereum transactions. He wasn’t able to contact the Poly Network briefly and demanded a multi-signature wallet.
The hacker might have seemed well-intended, however, the decision might have been related to the blockchain security firm SlowMist identifying key information about the hacker including their IP address, fingerprints, and mailbox. Apart from that, the hackers’ transactions have been traced back to the Hoo exchange, a crypto exchange based in Hong Kong.
In a conversation with Yahoo Finance UK, Dr. Tom Robinson, co-founder & chief scientist of Blockchain analytic firm Elliptic said:
“I think this demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the use of blockchain analytics.
In this case, the hacker concluded that the safest option was just to return the stolen assets. So I think that this will actually improve confidence in decentralized finance.”
However, some believe, including blockchain developer O3 Labs, that the hackers might have been what is called the ‘White-Hackers’. They are those hackers who purposely hack to reveal the vulnerabilities in a system in order to strengthen a project.