The Poly Network team has stated that it has completed the recovery procedure for the $610 million in crypto assets that were stolen by hackers on August 10.
Earlier this month, the Poly Network, a decentralized finance (DeFi) cross-chain protocol, was hacked, resulting in the loss of a record-breaking $610 million. Poly Network has reported that it has successfully completed the recovery of the lost monies.
A blog post stated that the process was completed on Wednesday, August 25, following the completion of “a series of standard procedures,” which resulted in the release of a total of 33,431,200 USDT.
Yay! #PolyNetwork has completed the recovery of all #PolyNetworkExploit affected user assets. (approx. worth $610M)#PolyBridge has now restored cross-chain functionality for a total of 59 assets. Other advanced functions will be gradually restored.https://t.co/bGOXc7xJS1— Poly Network (@PolyNetwork2) August 26, 2021
Those assets were frozen by Tether, the corporation behind the world’s most popular stablecoin, immediately after the attack on Poly Network on August 10 and were the final piece of the puzzle that needed to be put together by the team before they could move on.
Now that the coins have been restored to the Poly Network’s designated multi-signature wallet, the project has expressed gratitude to the users who “patiently awaited the recovery of their assets,” while also announcing that it is now ready to begin operations.
Transacting or exchanging tokens between different blockchains is made possible through Poly Network, which is a DeFi interoperability protocol.
It’s one of a growing number of DeFi initiatives, which provide financial solutions that use smart contracts to ease the lending, borrowing, and trading of cryptocurrencies without the need for third-party intermediaries. DeFi projects are becoming increasingly popular.
A total of 59 assets have now been restored to cross-chain functionality by the project’s development team; but, for security concerns, it will be opening up services in stages, with some manual labor required.
Users will be able to conduct cross-chain transactions for a certain asset “only after the respective projects have submitted applications and tested successfully,” to put it another way.
Poly Network was hacked on August 10th, with the attacker taking advantage of a security hole in the protocol, causing $610 million in various assets to be siphoned off the network and into their own accounts. During the twelve-year history of the crypto business, this exploit was the most significant.
However, it was also one of the strangest attacks to date; the hacker, whom the Poly Network called “Mr. White Hat,” later indicated that the attack was carried out purely “for fun” and that the cash had been returned to the victim’s account.
Restoration of cash to Poly Network, on the other hand, was a slow and methodical process; first, the anonymous exploiter restored approximately $342 million in a series of transactions.
Recently, the hacker released a private key for the wallet that had been used to hold the stolen coins, which enabled Poly Network to recover the remaining funds (less the USDT frozen by Tether).
Another blog post published on August 16 by Poly Network announced a $500,000 bug bounty program to incentivize security specialists to identify and report any more flaws in the company’s software.
However, according to the project’s bug bounty page on Immunefi, the maximum reward available at the time of writing is $100,000.