Poly Network, a Decentralized Finance (DeFi) platform that was hacked and reported as the biggest DeFi exploit till date with a total of $611 million being stolen from the project, just announced that the stolen funds have been fully recovered.
Poly Network announced through a medium post that the funds have been fully recovered which marks the completion of the 4th phase namely “Asset Recovery”, and is moving into the fifth phase, “Resuming Services” outlined in the roadmap created when the funds were stolen.
During the course of the hack, Tether was able to freeze approximately $33.4 million worth of its stablecoin, USDT. According to the post, after close communication and going through a series of standard procedures, Tether released the USDT, in total 33,431,200, that were frozen due to the attack on Poly Network and sent them to Poly Network’s designated multi-signature wallet address. The platform thanked Tether for their prompt assistance.
According to the post, for security reasons, the platform has chosen to gradually open up asset cross-chain services for all types of assets. It states that they will gradually restore the cross-chain service for different types of assets. Users will be able to send cross-chain transactions for a particular asset only after the respective projects have submitted applications and tested successfully.
What you should know
The hacker who is now known as Mr. White Hat, initially returned $260 million after which he conducted a Q&A session detailing how the hack went down. He then transferred the rest of the money into a multi-sig wallet in which one of the keys was given to Poly Network.
The announcement by Poly Network means that the platform now has full control of the funds placed in the multi-sig wallet. The hacker turned down a $500,000 reward and Poly Network reportedly offered him a job but it is unclear as to whether or not the hacker accepted the offer.