Poly Network Defi Hacker returns large portion of tokens, Chainalysis assesses movements on hacker’s chain – Bitcoin News


On August 11, blockchain intelligence firm Chainalysis released its findings on the recent Poly Network hack that resulted in the loss of approximately 611 million crypto tokens. Chainalysis’s assessment confirmed claims by security firm called Slowmist that the hacker left a fingerprint on the relatively unknown exchange Hoo.com. As of August 11 at 4:18:39 p.m. (UTC), Poly Network reports that the hacker has so far returned $ 260 million in assets.

Chainalysis observes hackers’ fingerprints on the channel

The crypto community has been infatuated with the recent decentralized finance hack (challenge) which exploited the Poly Network protocol. Bitcoin.com News reported about the consequences of the hack and how the hacker started trolling the project with chain messages.

Wednesday, the blockchain monitoring firm Channel analysis posted a in-depth report on what he discovered when he investigated the situation. According to Chainalysis, the hacker stole ETH, WETH, WBTC, UNI, RENBTC, USDT, USDC, DAI, SHIB, FEI, BNB, and various BEP-20 tokens.

In our most recent report, Bitcoin.com News explained how the Slowmist organization claimed to have found fingerprints left by the hacker. Chainalysis confirmed some of the findings leaked by Slowmist before the hacker returned around $ 4.7 million in assets.

Slow mist noted that the hacker exploited an exchange called Hoo.com and was able to obtain an email address and associated IP address. Chainalysis explained why the hacker chose to take advantage of the relatively unknown crypto trading platform.

“We see that the day before, the striker withdrew 0.47 ETH of Hoo.com, which was used to pay gasoline charges on transactions associated with the hack, ”Chainalysis wrote. “In addition, the attacker seems to have sent 13.37 ETH to a user known as Hanashiro.eth, who sent an ether transaction to the attacker with a message warn them that the USDT they had stolen from Poly Network had been frozen.

The blockchain monitoring company also released a Chainalysis Reactor chart that shows how the hacker got started.

Image via a Chainalysis blog post on the Poly Network hack.

Hacker Compliments Poly Network, Says “Cross-Chain Hacking Is Trendy”

In addition, the pirate was communicating with the Poly Network team and an unknown white hat hacker. While returning fractions of funds, the hacker kept saying that the individual had “saved the project”.

There was also a little question-and-answer session and the hacker said that “cross-channel hacking is hot” and that he is doing it “for fun”. The discussion highlights that when the hacker spotted the bug, he had “mixed feelings” about the situation. The hacker noted that he was “tired” during the conversation and sometimes even complimented the Poly network, calling it a “decent system”.

Towards the end of the Chainalysis report, he notes that the hacker contacted the team and the company highlighted some of the token addresses that were returned.

“It might be a trick to get away with the unstolen USDT, but so far nothing suggests that the attacker will not continue to return the stolen funds, ”detailed Chainalysis. The Poly Network team updated the community when parts were returned through the project official Twitter account.

What do you think of the Poly Network challenge hack that resulted in the theft of $ 600 million? Let us know what you think of this situation in the comments section below.

Tags in this story

$ 260 million, $ 4.7 million, $ 600 million, Channel analysis, Chain analysis results, Challenge Project, ETH, Pirate, Hacker troll, Hoo.com, multisig, neo, Poly Network, Poly network hacking, Poly Network Hacker, Poly Réseau team, Polygon, Slow mist, frozen tie, USDC, USDT, Wallet, White hat hacker

Image credits: Shutterstock, Pixabay, Wiki Commons, Chainalysis Reactor Graph,

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));


Source link