Poly Network, the decentralized-finance platform that had more than $600 million in crypto assets stolen in a hack earlier this month, said Monday that all of the assets have been returned.
Poly Network said the hacker, referred to as “Mr. White Hat,” finally shared a private key to a multi-signature crypto wallet Monday morning.
“At this point, all the user assets that were transferred out during the incident have been fully recovered,” Poly Network said in a blog post. “Thanks to Mr. White Hat’s cooperation, Poly Network has officially entered the fourth phase of our roadmap ‘Asset Recovery.’ We are in the process of returning full asset control to users as swiftly as possible.”
After the theft — one of the largest in crypto history — was discovered around Aug. 10, Poly pleaded for the hacker to contact them and return the roughly $610 million in cryptocurrencies, tokens and stablecoins. The hacker, who claimed they had never intended to keep the digital assets and had only taken them “for fun,” agreed, and started to return the stolen gains to a shared crypto wallet the next day. However, the apparently hacker did not share the key to the wallet until very recently.
Poly said the only assets outstanding are $33 million in Tether
tokens, which were frozen after the theft. Tether is in the process of unfreezing those assets, Poly said Monday.
It was unclear if Poly will pursue the case with law enforcement agencies. The hacker had claimed they had only sought to expose a system vulnerability and wished to give Poly security tips in the future. Some skeptics, though, said it was more likely that the hacker found it too difficult to launder the crypto assets, and decided returning them was the safest option.