Poly Network hackers reportedly returned $258 million worth of cryptocurrencies that they stole earlier this week in a dramatic turn of events. It is a developing story and the hackers are still negotiating with the Poly Network team.
In what looks like a scene from a Hollywood fiction, the hackers were also doing an AMA about how and why they pulled the biggest DeFi hack in the history of blockchain.
Earlier on August 10, Poly Network saw $610 million worth of cryptocurrency tokens wiped out in a flash. The assets stolen were from the Ethereum, Binance Smart Chain (BSC) and Polygon Network.
While the hackers have reportedly returned assets worth $258 million, they are yet to return the remaining $342 million. While it is not yet confirmed if it was a white hat hack, there are reasons to believe it was since the hackers have repeatedly shown interest in returning stolen assets.
Ethical or Scam?
Some experts believe the hack was to expose the security issues on the Poly Network. However, not all have the same view. Some believe that the hackers are returning the stolen assets and are willing to negotiate because apparently, laundering cryptocurrencies and encashing stolen assets are not as easy as they may seem. The decentralized ledger technology and transparency make it more difficult to encash stolen crypto.
The hackers have claimed they were always willing to return the stolen assets. In a series of messages during the AMA, they said:
“When spotting the bug, I had a mixed feeling. Ask yourself what to do had you facing so much fortune. Asking the project team politely so that they can fix it? Anyone could be the traitor given one billion. I can trust nobody! The only solution I can come up with is saving it in a trusted account.”
“Now everyone smells a sense of conspiracy. Insider? Not me, but who knows? I take the responsibility to expose the vulnerability before any insiders hiding and exploiting it!” the hackers added.