The recent victim of a hack attack, Poly Network, which is a decentralized finance-based crypto project, is one of the most unfortunate victims on earth. The project’s security protocols were exploited and the hacker breached the system. Thereafter, the hacker took the liberty to loot the funds from different project chains belonging to Ethereum, Dogecoin, SHIB, USDT, etc. As was confirmed by Poly Network itself, the project suffered a loss of approximately 611 Million dollars. It was in fact the highest loss caused in the preceding year to any DeFi based project.
The hack of Poly Network was also termed as one of the most “mischievous hacks”. It was because while returning the network’s control back to Poly Network, the hack left onchain messages for the Network. In the messages, the hacker informed that due to certain deficiencies in the security protocols, the hacker was able to breach the system. The hacker then advised a few immediate measures that the project should install on an urgent basis to avoid future hacking and breaches.
It was surprising as well as mischievous because the hacker also told that the loss caused to the network could be significant. However, since the hacker was not interested in looting sums over and above its need therefore the rest of the crypto funds were left unharmed. The hacker also said that if it wanted, it could have looted into billions.
Based upon the hacker’s sympathetic onchain messages, the victimized DeFi project had also urged the hacker to return the money. For anyone, the act of stealing funds by breaching and victim’s peal to return funds isn’t just stupid but also a dumb thought. Why would someone steal and then return the funds, it is something which isn’t believable in this day and age. However, this oddest reality has happened and it has happened to Poly Network. The dumbest thought has in fact worked for the Poly Network.
The entire crypto community was astonished to learn that the hacker did respond to Poly Network’s plea. The hacker’s response was so generous that the hacker agreed to return the looted crypto funds. It was told that crypto funds amounting to US$ 4.7 Million have been sent back to Poly Network by the hacker. It is expected by Poly Network that the hacker would be refunding back all the crypto funds he or she had stolen.
It is not clear whether the hacker wanted to commit the hack and loot the funds or whether he or she was doing it for fun only.
There was yet another news suggesting that an online intelligence firm called Slowmist got some clue about the hacker. Two days after the Poly Network hack, Slowmist published a report suggesting that the hacker is using crypto firm Hoo.com. The intelligence firm claimed that the hacker kept the looted funds with this firm. There were even some minor transactions made from Hoo.com’s account. Slowmist is of the view that since the intelligence firm traced the hacker, therefore, the hacker was sending the funds back. But the authenticity of this news is also not confirmed, however, Poly Network did receive a small portion of the looted funds.