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.

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In an update on Twitter, Poly Network has confirmed that hackers have been able to sweep tokens from the Binance chain, Ethereum and Polygon. The data retrieved from the decentralized ledger shows hackers have stolen $273 million from Ethereum, $85 million in USD Coin (USDC) from the Polygon network, and $253 million from the Binance Smart Chain.

Poly Network has also said they will be taking the hackers to the court and have demanded that the hackers return the stolen funds. They have also asked major cryptocurrency exchanges and DeFi protocols to blacklist the addresses that have been involved in the hack. 

As we continue with the story, responses are already pouring in. Binance CEO has urged people to stay safe. “There are no guarantees,” he said. “We will do as much as we can. Stay SAFU.”

Poly Network protocol allows users to sap their tokens across networks. It is a collaboration between Ontology, Neo and Switcheo.

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