Tether released the last 33 million USDT of Poly Network’s assets, after the hacker ” Mr. White Hat ” gave back the rest.
The decentralized finance protocol (DeFi) cross-chain Poly Network has finished recovering all its assets, according to a blog post published yesterday.
On August 10, the protocol fell victim to the largest DeFi attack ever, when it was attacked simultaneously on Ethereum, Polygon and Binance Smart Chain for a total of $ 611 million.
Poly Network released the hackers ‘ blockchain addresses and called on the crypto community to blacklist coins from those addresses. Tether was quick to react, freeze about 33 million USDT in ETH address.
The hacker, who was nicknamed ” Mr. White Hat ” by Poly Network, revealed the next day that he carried out the attack “for fun ” in a AMA on-chain with himself. On August 12, Mr. White Hat he had restored $ 342 million of the hacked assets, and the following week he was offered the position of chief security adviser of Poly Network.
On Monday, the protocol revealed that the hacker had shared a private key of a multi-signature wallet containing the remaining $ 141 million in their possession. This meant that Poly Network had recovered all the lost funds except for the $ 33 million frozen by Tether, indicating in Monday’s post that they had been in “close communication ” with the stablecoin issuer and that they were following “the standard Tether process”.
Yesterday’s blog post confirmed that this process was complete and that Tether had released the 33,431,200 USDT in the multi-sig address designated by Poly Network.
https://twitter.com/Tether_to/status/1430510652582416387
Asset recovery was the fourth phase of Poly Network’s roadmap and the protocol is now moving to the fifth phase, which is service recovery. The Poly Bridge has restored cross-chain functionality for 59 different assets, with other services to be opened more gradually for “security reasons”.
Poly Network lance also a bug bounty program on Immunefi with a prize pool of $ 500,000 to detect any other potential vulnerabilities in the protocol.
“Poly Network would like to thank Tether for their prompt assistance from the beginning of the incident “, can we read in the blog post published yesterday, “and we appreciate the support and understanding of our users who have patiently waited for their assets to be recovered. »
