The crypto business was taken by storm when Poly Network, an interoperable cross-chain platform, revealed that they had been attacked. The hacker pulled what turned out to be one of many greatest thefts in DeFi historical past, a minimum of, that it has been referred to as by the mainstream media.
The attacker managed to switch funds from a number of blockchains related by a blockchain agnostic buying and selling pool, O3 Swap. Created by Poly Network and O3 Labs, the platform permits customers to work together with Ethereum, Binance Smart Chain (BSC), Polygon, and others.
Using an exploit, the hacker took management of $273 million on Ethereum, $253 million on BSC, and $85 million on Polygon. In complete, the attacker took over $600 million. However, the Poly Network staff reached out to determine a communication channel.
The message started with a “Dear Hacker” and appeals to the entity’s consciousness and the well-being of the group. The message labored, because the hacker began to return the stolen funds.
— Poly Network (@PolyNetwork2) August 10, 2021
Data offered by Poly Network claims that they’ve obtained round $Four million from the addresses utilized by the unhealthy actor. In reply, the staff instructed the hacker that issues “are moving to the right direction”.
So far, we now have obtained a complete worth of $4,772,297.675 belongings returned by the hacker.
ETH deal with: $2,654,946.051
BSC deal with: $1,107,870.815
Polygon deal with: $1,009,480.809 pic.twitter.com/bPFAQk4mvS
— Poly Network (@PolyNetwork2) August 11, 2021
In the meantime, the Poly hacker took a while to do a Questions & Answers (Q&A) session through messages embedded in ETH transactions. Founder of Primitive Crypto Dovey Wan shared the solutions through her Twitter account in an try and make clear the mastermind behind one among DeFi’s worst exploits additionally know in sure group circles as “Etherhood”.
Speaking on the principle motive to conduct hacking operations, the unhealthy actor merely replied, “for fun”. Specifically, “Etherhood” determined to go after Poly as a result of “cross-chain hacking is hot”, however added that the choice to conduct the operation was not taken evenly.
He determined to go forward with the assault to “keep the funds safe” because the hacker believed that the staff behind the mission was to not be trusted. In their very own interpretation, Etherhood offered a “useful” service:
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 WHILE KEEPING MYSELF _ANONYMOUS_ AND _SAFE_.
Poly Hacker Trying To Save The World?
While particulars of the hack had been nonetheless beneath investigation, Wan speculated on the likelihood that the assault was performed by insiders. Poly Network was a comparatively unknown mission earlier than it was hacked. In that sense, she identified the extent of the DeFi ecosystem and its potential dangers and rewards:
Not saying Poly Network is a rip-off as PlusToken, simply saying the extremely localized Chinese crypto group all the time have their very own model to make the most of the identical blockchain infra, for good and for unhealthy, most are unseen and lack of accessibility to westerners, with MASSIVE capital sink.
The hacker himself denied being a part of an inside job and claimed that the assault served as a strategy to uncover the vulnerability on the system earlier than actual “insiders exploit” it. Thus, he referred to the assault as a method of “saving the world” whereas including the next:
I UNDERSTOOD THE RISK OF EXPOSING MYSELF EVEN IF I DON’T DO EVIL. SO I USED TEMPORARY EMAIL, IP OR _SO CALLED_ FINGERPRINT, WHICH WERE UNTRACABLE. I PREFER TO STAY IN THE DARK AND SAVE THE WORLD.
Popular YouTuber and educator Michael Gu, founding father of Boxmining, claimed to be a sufferer of the hack. Gu apparently misplaced a good portion of his saving with none means of taking them again.
Despite the hacker’s intention with the assault on Poly, this goes to point out the opposite facet of the coin. The one which goes past heroes and villains and focuses on those who really misplaced one thing significant.
1) So I’m a sufferer of the @PolyNetwork2 hack – it could possibly doubtlessly be a major quantity of my ETH/ BTC/ USDC financial savings. I’m in all probability nonetheless within the denial part. It appears at this level there is not a lot I can do apart from to take a seat on my fingers.
— Boxmining (@boxmining) August 10, 2021
At the time of writing, ETH trades at $3,240 with a 4.7% revenue within the day by day chart.