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<ul class="summary-list"><li>An ex-Amazon engineer pleaded guilty this week to hacking two cryptocurrency exchanges.</li><li>The conviction is the first ever secured in a case involving the hacking of a smart contract.</li></ul>A former Amazon engineer this week pleaded guilty to hacking two <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-cryptocurrency">cryptocurrency</a> exchanges in a landmark case that resulted in the first ever conviction involving the hacking of a smart contract.Shakeeb Ahmed, who previously worked as a security engineer for <a target="_blank" href="https://www.businessinsider.com/category/amazon">Amazon</a>, will face up to five years in prison and will have to forfeit $12.3 million worth of stolen cryptocurrency, according to <a target="_blank" href="https://www.justice.gov/usao-sdny/pr/former-security-engineer-international-technology-company-pleads-guilty-hacking-two">a statement</a> from the United States Attorney for the Southern District of New York.The hacks, which took place in 2022, targeted Nirvana Finance and a second unnamed crypto exchange on the Solana <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-blockchain">blockchain</a>.Blockchain is essentially a digital ledger allowing users to store data, including financial transactions, in a decentralized environment. One benefit to blockchain is security because the stored data cannot be edited.Ahmed exploited a vulnerability in the exchange's smart contracts, according to the US Attorney, allowing him to submit falsified data that resulted in the contracts generating millions of dollars worth of inflated fees he hadn't earned.<h2>What are smart contracts?</h2>Smart contracts are <a target="_blank" href="https://www.businessinsider.com/what-is-blockchain-how-does-it-work-explainer-2017-11#blockchains-could-eventually-replace-institutions-like-banks-and-law-firms-4">blockchain</a> programs that, like a vending machine, execute specified functions when predetermined conditions are met. For example, a landlord leasing an apartment could use a smart contract in which the renter must transfer a security deposit to receive the apartment door code.Ahmed was able to reverse engineer the steps needed to make the exchanges pay out massive sums by using specialized skills he developed working for Amazon, according to the US Attorney.Ahmed then attempted to cover his tracks by negotiating with the unnamed crypto exchange. He said he'd agree to return all of the stolen funds, less $1.5 million if the exchange agreed not to contact law enforcement about the hack, prosecutors said.After hacking the first exchange, Ahmed targeted Nirvana's cryptocurrency, ANA, exploiting a function of the cryptocurrency intended to inflate each token's price after a large sum was purchased. Using a workaround in Nirvana's smart contract, Ahmed could buy $10 million worth of ANA tokens at an artificially lowered price and sell them for $3.6 million in profit."Nirvana offered AHMED a 'bug bounty' of as much as $600,000 to return the stolen funds, but AHMED instead demanded $1.4 million, did not reach agreement with Nirvana, and kept all the stolen funds," according to the US Attorney statement. "The $3.6 million AHMED stole represented approximately all the funds possessed by Nirvana, which as a result shut down shortly after AHMED's attack."Ahmed stole over $12 million and "tried to cover his tracks by swapping stolen crypto for Monero, using cryptocurrency mixers, hopping across blockchains, and utilizing overseas crypto exchanges," US Attorney Damian Williams said in a statement.Representatives for the United States Attorney for the Southern District of New York did not immediately respond to a request for comment from Business Insider.In theory, the benefit of a smart contract is to eliminate the risk of fraud by a middleman or, say, a broker. However, the program has been vulnerable to attacks by hackers.About $2.2 billion in cryptocurrency was stolen in 2022 from Decentralized Finance (DeFi) projects, allowing people to carry out financial transactions without needing third parties or financial institutions such as banks.<a target="_blank" href="https://www.nytimes.com/2022/09/28/technology/crypto-hacks-defi.html">The New York Times</a> reported that many of the thefts were carried out by taking advantage of vulnerabilities in smart contracts. Since smart contracts are built upon open-source code, hackers can make themselves aware of the inner workings of the software and take advantage of any vulnerabilities.

Former Amazon engineer pleads guilty to stealing $12.3 million of crypto in first ever hacking case involving smart contracts

<ul class="summary-list"><li><keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">Cryptocurrency</keyword> worth over $600 million was stolen from <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> platform Poly Network on Tuesday. </li><li>The hacker appears to be returning some of their loot to Poly Network.</li><li>This is the latest in a series of DeFi <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> hacks, which have skyrocketed this year. </li></ul>Cryptocurrency worth over $600 million were stolen from decentralized finance platform Poly Network, in one of the biggest crypto heists ever on Tuesday, with developers putting out a plea on Twitter to the hacker asking for the money back - which the thieves have appeared to respond to. Poly Network announced the hack on <a href="https://twitter.com/PolyNetwork2/status/1425073987164381196">Twitter</a>, noting the attack took place on across the binance, <keyword id="2462624" type="PERSON" weightage="60" keywordseo="polygon">polygon</keyword> and <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> blockchains and involved various tokens, including shiba inu, wrapped <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, wrapped <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, uniswap and a series of stablecoins. The platform also published the hacker's wallet addresses and urged crypto exchanges and miners to halt tokens from these addresses. In response, around $33 million of stablecoin Tether that were part of the hack were frozen by its issuer, Paolo Ardoino, its chief technology officer said on <a href="https://twitter.com/paoloardoino/status/1425090760609832978">Twitter</a>. They also said they had found the vulnerability on the platform that the hacker used to seize the coins.Poly Network last said it had started receiving money back from the hacker, sharing on <a href="https://twitter.com/PolyNetwork2/status/1425395278341820420/photo/1">Twitter</a> that polygon tokens worth over $1 million had been returned. <a href="https://www.coindesk.com/poly-network-prepares-for-hacker-to-return-millions-in-stolen-crypto">Coindesk</a> had reported on Wednesday that the hacker said they would return the funds in a message embedded on an ethereum blockchain-based transaction. "Failed to contact the poly. I need a secured multisig wallet from you," the hacker added in a <a href="https://etherscan.io/tx/0x79245fb1d1ae48a214118e25d6ad2f9324f514ec6708135a19ba9d4cfa6344f6">separate transaction</a>. Poly Network then created the requested multi-signature wallets and reached out to the hacker via Twitter. "Law enforcement in any country will regard this as a major economic crime and you will be pursued. It is very unwise for you to do any further transactions. The money you stole are from tens of thousands of crypto community members, hence the people. You should talk to us to work out a solution," the network's developers wrote on <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">Twitter</a>. This is the latest in a growing number of crypto hacks - and likely one of the biggest so far, with Poly Network saying it was the largest amount of money seized in the history of DeFi. Cryptocurrency intelligence firm Ciphertrace noted in a recent <a href="https://ciphertrace.com/cryptocurrency-crime-and-anti-money-laundering-report-august-2021/">report</a> that DeFi hacks made up over three quarters of crypto money seizures so far this year - at the end of July, around $361 million had been stolen in DeFi hacks compared to $111 million in other crypto crimes. Across the whole of 2020, DeFi hacks accounted for just $129 million, or 25%, of the total $516 million seized in crypto crimes according to Ciphertrace's report.

Over $600 million has been stolen from DeFi platform Poly Network in one of the biggest crypto heists of all time - but the hacker has returned some of the cash already

What is cryptocurrency? What to know about this increasingly popular digital currency before investing

<ul class="summary-list"><li>$3.7 billion was lost to crypto scams, hacks, and exploits in 2022, according to blockchain audit firm CertiK.</li><li>That marks the worst year ever for the industry, which lost $3.2 billion in 2021.</li></ul>Cryptocurrency markets lost $3.7 billion to scams, hacks and exploits in 2022 — the worst year for the industry and up from $3.2 billion in 2021, according to data from blockchain audit firm <a href="https://www.coindesk.com/business/2023/01/03/2022-crypto-attacks-were-least-in-december-with-62m-lost-in-heists-certik-says/" target="_blank" rel="noopener">CertiK.</a>While December was the least harmful month in 2022 with roughly $62 million worth of crypto-based exploits, more than $595 million worth of tokens was stolen in November, CertiK added. <a href="https://www.trmlabs.com/post/looking-back-at-2022-and-towards-2023-to-see-what-the-future-holds-for-digital-assets-policy" target="_blank" rel="noopener">A separate report</a> from blockchain analytics firm TRM Labs also put 2022's losses at $3.7 billion and estimated that about 80% of the stolen funds involved attacks against decentralized finance (DeFi) projects. "With almost three times as much value lost from Web3 protocols in 2022 compared to 2021, it's clear that there's still a lot of work to be done to secure the Web3 world," Ronghui Gu, the CEO and cofounder of CertiK, told Insider in a statement.Gu added: "Centralized crypto platforms and exchanges took center stage this year, but if Web3 is to offer a real alternative to centralization then we need to double down on the basics: functionality and security."Among the notable hacks last year, North Korea's Lazarus Group made off with $625 million after exploiting Axie Infinity's Ronin Network in April. That followed the nearly $325 million attack on cross-chain service Wormhole in February. Ari Redbord, head of legal and government affairs at TRM Labs, told <a href="https://markets.businessinsider.com/news/currencies/north-korea-hackers-lazarus-crypto-crime-venture-capital-firms-trm-2023-1">Insider</a> that North Korea alone was responsible for over $1 billion of stolen funds. "When you're talking about billions of dollars and North Korea, you're talking about a country with essentially no GDP, so they've essentially created an economy laundering cryptocurrency and we know those funds aren't going to fund a lifestyle," Redbord said.He added: "They'll be used for nuclear proliferation or ballistic missile systems. In 2022, these hacks moved from being a law enforcement issue to being a national security issue."Crypto markets had a rocky 2022, with nearly two-thirds of its market value being wiped out over the span of a year, according to data from <a href="https://messari.io/" target="_blank" rel="noopener">Messari.</a> The industry continues taking hits from the fallout of Sam Bankman-Fried's once-$32 billion crypto empire FTX, which caused widespread contagion in the last two months of the year.

$3.7 billion was lost to crypto scams and hacks in 2022 - the worst year in the market's history

<ul class="summary-list"><li><keyword id="11834434" type="UNKNOWN" weightage="60" keywordseo="poly-network">Poly Network</keyword> offered its cyber hacker a $500,000 "bug bounty" days after it lost $610 million, Reuters first reported.</li><li>The DeFi platform said it is giving the sum for "helping us improve Poly Network's security." </li><li>The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins.</li></ul>Poly Network offered its cyber hacker a $500,000 "bug bounty" days after the DeFi platform lost - and mostly recovered - $610 million in what is considered one of the <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">biggest cryptocurrency heists</a> in history.Poly Network said the sum is for "helping us improve Poly Network's security," <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a> first reported, citing a statement it reviewed. The platform also said it hopes the hacker, who it refers to as "Mr. White Hat," will contribute to the blockchain sector's development upon accepting the $500,000 reward, <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a> reported.It is unclear what form the $500,000 bounty will be paid in and it is also unknown if the hacker will accept the offer, according to <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a>."After communicating with Mr. White Hat, we have also come to a more complete understanding regarding how the situation unfolded as well as Mr. White Hat's original intention," Poly Network said in a statement viewed by <a href="https://www.reuters.com/article/fintech-blockchain-polynetwork/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-idUSL4N2PK1T6">Reuters</a>.White Hat is industry lingo for someone who hacks for ethical reasons. The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 <a href="https://twitter.com/PolyNetwork2/status/1425870262067548163/photo/1">statement</a> released by Poly Network. Poly Network made the hack <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1">publicly known</a> on August 10 and <a href="https://twitter.com/PolyNetwork2/status/1425321860539949056">requested</a> for the funds to be returned. The hacker <a href="https://twitter.com/PolyNetwork2/status/1425423585665974276">started</a> siphoning the funds back on August 11. The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a <a href="https://www.linkedin.com/feed/update/urn:li:activity:6831256334344736768/" target="_blank" rel="noopener">Q&amp;A session</a> that was embedded in <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> transactions sent from the account holding the stolen assets.The screenshots of the exchange were obtained by Tom Robinson, cofounder of Elliptic, a blockchain analytics and compliance company."The Poly network is a decent system," the hacker said. "It's one of the most challenging attacks that a hacker can enjoy."The hackers said he or she took the funds after spotting a bug "to keep it safe."The latest heist highlighted the ongoing risks of decentralized finance platforms, which allow transactions without traditional safeguards from banks or exchanges.Read more: <a href="https://www.businessinsider.com/crypto-investing-experts-infrastructure-bill-impact-how-to-reconcile-sides-2021-8" target="_blank" rel="noopener">2 crypto experts including Tether's cofounder discuss the misconceptions Congress has about their industry as new regulations loom - and explain how to reconcile both sides in the future</a>

Poly Network hacker rewarded with a $500,000 'bug bounty' for helping the DeFi platform improve security

<ul class="summary-list"><li>Cyber-attackers stole $80 million from <keyword id="11931191" type="UNKNOWN" weightage="60" keywordseo="stablecoin" source="Orion">stablecoin</keyword> protocol <keyword id="13645534" type="UNKNOWN" weightage="60" keywordseo="beanstalk" source="Orion">Beanstalk</keyword> in a massive flash-loan swindle Sunday.</li><li>As a result, the credit-focused decentralized finance protocol lost its $182 million in total value locked.</li></ul>Cyber-attackers targeted ethereum-based stablecoin project Beanstalk Farms and made away with roughly $80 million in tokens in one of the largest flash-loan exploits ever. As a result, the credit-focused decentralized finance protocol lost its $182 million in total value locked, meaning the overall value of crypto assets deposited. Its native token, BEAN, which is meant to be pegged to the dollar, fell more than 75% over the last day."We are not aware of the identity of the individuals who were involved," the founders said in the Beanstalk Discord channel. "Like all other investors in Beanstalk, we lost all of our deposited assets in the Silo, which was substantial."Meanwhile, the attackers have already moved the entire $80 million in tokens they swiped into Tornado Cash to hide the funds, according to blockchain research firm PeckShield and Bloomberg.The security breach stemmed from an infiltration of the governance proposal system of the protocol, which opened the door to the attack. The exploiter asked for the protocol to send funds to <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> as a donation, but the proposal had a malicious rider attached to it, leading to the fund drain. This case was not a technical hack, per se, but an exploitation of a design flaw in the governance procedure, which a project spokesperson addressed on Monday, <a href="https://cointelegraph.com/news/beanstalk-farms-loses-182m-in-defi-governance-exploit">CoinTelegraph</a> reported."It's unfortunate that the same governance procedure that put beanstalk in a position to succeed was ultimately its undoing," the spokesperson said. In decentralized finance, so-called flash loans are made when users borrow massive sums of stablecoins without any collateral — something that isn't possible in traditional lending.The lending and borrowing process is meant to happen within a single transaction on the blockchain instantaneously and is not uncommon among arbitrage traders. However, by manipulating the protocol or smart contract code, an attacker can exploit vulnerabilities in the transaction and drain funds.Notably, the exploiters of Beanstalk did donate $250,000 of stablecoin USDC to Ukraine.

Attackers swipe $80 million from ethereum DeFi project Beanstalk in one of the largest flash-loan exploits ever

<ul class="summary-list"><li><keyword id="11834434" type="UNKNOWN" weightage="60" keywordseo="poly-network">Poly Network</keyword> on Tuesday offered a hacker who stole from the firm a chance to be its chief security advisor.</li><li>The invitation came days after the <keyword id="11879851" type="UNKNOWN" weightage="60" keywordseo="defi-platform">DeFi platform</keyword> offered the same hacker a $500,000 "bug bounty."</li><li>The hacker initially stole $610 million from Poly Network - and has since returned most of the funds back. </li></ul>Poly Network on Tuesday offered a cyber hacker responsible for a $600 million heist a chance to be its chief security advisor.The invitation came days after the DeFi platform offered the same hacker a $500,000 "<a href="https://markets.businessinsider.com/news/currencies/poly-network-hacker-reward-500000-bug-bounty-help-improve-defi-2021-8">bug bounty</a>" for stealing - and then returning - $610 million in what is considered one of the <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1" target="_blank" rel="noopener">biggest cryptocurrency heists</a> in history.Similar to the monetary incentive, the offered position seeks to leverage the expertise of the hacker, who the platform refers to as "Mr. White Hat." "To extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network," the company said in a <a href="https://medium.com/poly-network/latest-updates-aug-17-241398d64a40">statement.</a>While the hacker did not accept the "bug bounty," according to Poly Network, he did consider offering it to the technical community who have made contributions to blockchain security, the company said."Whatever Mr. White Hat chooses to do with the bounty in the end, we have no objections," Poly Network said in a <a href="https://medium.com/poly-network/latest-updates-aug-17-241398d64a40">statement</a>.White Hat is industry lingo for someone who hacks for ethical reasons.Poly Network has repeatedly affirmed to the hacker that he will not face any legal responsibility for the hack. The platform made the hack <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267/photo/1" target="_blank" rel="noopener">publicly known</a> on August 10 and, on the same day, <a href="https://twitter.com/PolyNetwork2/status/1425321860539949056" target="_blank" rel="noopener">requested</a> for the funds to be returned. The hacker, on August 11, <a href="https://twitter.com/PolyNetwork2/status/1425423585665974276" target="_blank" rel="noopener">started</a> siphoning the funds back.Thus far, the hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 <a href="https://twitter.com/PolyNetwork2/status/1425870262067548163/photo/1" target="_blank" rel="noopener">statement</a> released by Poly Network.More than $200 million of the funds though is currently locked in an account that requires a password. It is unclear why this is the case.Poly Network said it genuinely hopes "Mr. White Hat will transfer the private keys as soon as possible so that we can return full asset control back to the users at the earliest."The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a <a href="https://www.linkedin.com/feed/update/urn:li:activity:6831256334344736768/" target="_blank" rel="noopener">Q&amp;A session</a> that was embedded in ethereum transactions sent from the account holding the stolen assets.The hacker did say they took the funds after spotting a bug "to keep it safe," adding that they wanted to highlight the vulnerabilities of the Poly Network blockchain platform.The latest heist highlighted the ongoing risks of <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">decentralized finance</keyword> platforms, which allow transactions without traditional safeguards from banks or exchanges.

A cryptocurrency firm that was the victim of a $600 million heist has asked the hacker responsible to be its chief security advisor

<ul class="summary-list"><li><keyword id="11901013" type="General" weightage="60" keywordseo="poly-network" source="Orion">Poly Network</keyword> said all $610 million stolen in an apparent <keyword id="99084" type="General" weightage="60" keywordseo="hack" source="Orion">hack</keyword> has been returned.</li><li>Stablecoin company Tether released the final $33 million it had previously frozen.</li><li>Poly, a <keyword id="11094379" type="General" weightage="60" keywordseo="decentralized-finance" source="Orion">decentralized finance</keyword> platform, thanked the apparent <keyword id="32574" type="General" weightage="60" keywordseo="hacker" source="Orion">hacker</keyword>, calling them Mr. White Hat.</li></ul>Poly Network said all $610 million ostensibly stolen by a hacker has now been fully returned, after <a href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-says-the-crypto-world-must-act-more-responsibly-to-show-it-doesnt-need-strict-regulation-as-he-hits-out-at-scammers/articleshow/85735926.cms">stablecoin</a> company Tether released the remaining $33 million. The decentralized-finance (<keyword id="4164994" type="General" weightage="60" keywordseo="defi" source="Orion">DeFi</keyword>) platform, which lets users send tokens between <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>currency networks, said it was hit by perhaps the biggest crypto heist in history when hackers <a href="https://markets.businessinsider.com/news/currencies/poly-network-crypto-hackers-return-half-600-million-stole-defi-2021-8?utm_source=markets&amp;utm_medium=ingestgest">took $610 million</a> on August 10. Unusually, the platform has <a href="https://markets.businessinsider.com/news/currencies/poly-network-chief-security-advisor-600-million-heist-defi-platform-2021-8?utm_source=markets&amp;utm_medium=ingestgest">embraced the hacker</a>, calling them Mr. White Hat, after they returned much of the sum and claimed they were helpfully finding weaknesses in Poly's code. The strange tale has caused some to wonder whether the two outfits are working together. Most of the crypto was recovered by Monday, after Mr. White Hat shared access to his <a href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-says-the-crypto-world-must-act-more-responsibly-to-show-it-doesnt-need-strict-regulation-as-he-hits-out-at-scammers/articleshow/85735926.cms">crypto</a> wallet, but Tether froze around $33.4 million of the stablecoin USDT. Poly <a href="https://medium.com/poly-network/poly-network-asset-recovery-complete-a7ba33c2f2e4">said on Thursday</a> that Tether had released the funds, meaning all $610 million had been fully recovered by the platform. Read more: <a href="https://www.businessinsider.com/defi-beating-the-market-genesis-trading-solana-outlook-michael-moro-2021-8">The CEO of a crypto-trading firm that's seen a 487% surge in trade volume explains how institutions find market-beating performance in DeFi - and what could become the third most dominant coin</a> "Poly Network would like to thank Tether for their prompt assistance right from the beginning of the incident, and we appreciate the support and understanding of our users as they patiently awaited the recovery of their assets," the platform said in a blog post. "Poly Network has successfully completed the fourth phase of the roadmap, namely 'Asset Recovery', and is moving into the fifth phase, 'Resuming Services.'" In a message to Poly Network shared by the platform, the hacker expressed annoyance that Tether had frozen some of the funds. "In my selfish view, the story is tainted by the locked USDT," the hacker said, implying that Tether's move undermined the idea of cryptocurrencies being decentralized.

Poly Network says all $610 million stolen by a hacker has been returned after Tether released the final $33 million

<ul class="summary-list"><li>The hacker who penetrated the <keyword id="11899100" type="UNKNOWN" weightage="60" keywordseo="defi" source="Orion">DeFi</keyword> platform <keyword id="11900149" type="UNKNOWN" weightage="60" keywordseo="poly-network" source="Orion">Poly Network</keyword> returned all stolen funds on Monday.</li><li>$33 million in tether remains frozen by the stablecoin's parent company, which Poly Network said it was working to restore.</li><li>"In my selfish view, the story is tainted by the locked [tether]," the hacker wrote in a message on the <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> blockchain.</li></ul>The hacker who penetrated DeFi platform Poly Network returned all stolen funds on Monday, a week after the network offered to <a href="https://markets.businessinsider.com/news/currencies/poly-network-chief-security-advisor-600-million-heist-defi-platform-2021-8">hire them as chief security advisor</a>.In a <a href="https://medium.com/poly-network/poly-network-commences-full-asset-restoration-7f5c548423b9">blog post</a> on Monday, Poly Network confirmed that the hacker, who it called Mr. White Hat, had returned the $610 million in stolen money. $33 million in tether remains frozen by the stablecoin's parent company, which Poly Network said it was working to restore.Also on Monday, the hacker issued a message on the <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> blockchain explaining their rationale for delaying returning the stolen funds. The <keyword id="11907745" type="UNKNOWN" weightage="60" keywordseo="hack" source="Orion">hack</keyword> initially occurred on August 10, with about half of the money <a href="https://markets.businessinsider.com/news/currencies/poly-network-crypto-hackers-return-half-600-million-stole-defi-2021-8">returned the following day</a>."During all the negotiation, my only request, which was also the only reason for [the] slow refund, was to unlock the USDT," the hacker wrote, referring to the $33 million in frozen tether. "In my selfish view, the story is tainted by the locked USDT."The hacker signed off the message to the Poly Network team as "your chief security advisor," possibly suggesting that he had accepted the network's job offer. Poly Network has not confirmed the hire."Such big hacks as this (with white hackers or not) actually improve the overall security of all DeFi services," said Dmytro Volkov, CTO at <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange CEX.IO. "Other teams tend to learn from the mistakes and failures of others and make their projects more secure."As the hack unfolded, crypto security firm SlowMist said <a href="https://www.theblockcrypto.com/post/114189/poly-hack-attacker-return-funds-id-slowmist">it had identified his IP address</a> and email, though the hacker said they were untraceable."I tried to point out some crucial facts about this crazy DeFi world," the hacker wrote in his message. "Hopefully my philosophy could be inspiring, especially to those geeks who had misbehaved accidentally."

You Searched For "defi hack" and got 9 results

Former Amazon engineer pleads guilty to stealing $12.3 million of crypto in first ever hacking case involving smart contracts

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Over $600 million has been stolen from DeFi platform Poly Network in one of the biggest crypto heists of all time - but the hacker has returned some of the cash already

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What is cryptocurrency? What to know about this increasingly popular digital currency before investing

Louis DeNicola,Tessa Campbell

$3.7 billion was lost to crypto scams and hacks in 2022 - the worst year in the market's history

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Poly Network hacker rewarded with a $500,000 'bug bounty' for helping the DeFi platform improve security

Isabelle Lee

Attackers swipe $80 million from ethereum DeFi project Beanstalk in one of the largest flash-loan exploits ever

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A cryptocurrency firm that was the victim of a $600 million heist has asked the hacker responsible to be its chief security advisor

Isabelle Lee

Poly Network says all $610 million stolen by a hacker has been returned after Tether released the final $33 million

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Poly Network hacker returns all stolen funds and says the goal of the theft was to 'point out some crucial facts about this crazy DeFi world'

Ethan Wu

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