Following the announcement that $33.4 million in frozen assets had been released, Tether has been in the news today.
Tether, world’s largest was linked to the hacking of the Poly Network that occurred earlier this month, according to the report.
The funds were transferred from the Tether Treasury to the Poly Network Multisig address, with a cost of 0.0063233 Ether [$19.68] on the part of the Poly Network Multisig address.
In a tweet, Tether claimed that it has unfrozen the cash, which it had done in collaboration with Poly Network and following stringent processes. According to the stablecoin project,
“Freezing funds is not a matter we take lightly – in being the first to act, Tether demonstrated its commitment to security and continued vigilance in ensuring the community always comes first.”
As part of its asset recovery efforts following the hack, Poly Network stated on Thursday that it has concluded a $610 million asset recovery effort. “A total of 59 assets” have been recovered through the use of the Poly Bridge, and “other advanced functions will be gradually restored,” according to the company.
Despite the fact that the attack in issue resulted in a successful outcome, it remains a significant security problem. During the month of February, for example, a Yearn DAI v1 vault was the subject of a cyber-attack. Tether had frozen 1.7 million USDT at the moment, which it believed had been stolen.
Interestingly, at the same time it released the Poly Network cash, it also returned a total of USDT 1.7 million to Yearn. Tether CTO Paolo Ardoino received a response from developer @bantg, who stated,
“Really appreciate the quick reaction back in February and your assistance now.”
There have been numerous ramifications from the increasing number of hacks in the crypto and distributed ledger field. Not only are exchanges becoming more difficult, but other nation-states are also considering enacting tougher legislation.
Take, for instance, Japan as an example. Following the theft of the Liquid wallet, which occurred just a few days ago, the government has said that it will tighten its regulatory framework.
