Wednesday, August 11, 2021

A hacker reportedly stole over $600 million worth of cryptocurrency, but plans to return it


The hacker behind one of the largest cryptocurrency heists ever started returning the stolen assets Wednesday.

On Tuesday, decentralized-finance platform Poly Network said it had been hacked, with losses estimated around $613 million in various crypto assets, and pleaded with the hacker to contact the company and return the haul.

On Wednesday, the hacker apparently did just that — and at last count had returned about $260 million of cryptocurrencies, tokens and stablecoins from three separate blockchains


A blockchain is a ledger of activities upon which various cryptocurrencies are based. Each digital coin has its own blockchain and they’re different from each other. Poly Network claims to be able to make these various blockchains work with each other.

Poly Network is a decentralized finance platform. DeFi is a broad term encompassing financial applications based on blockchain technology that looks to cut out intermediaries — such as brokerages and exchanges. Hence, it’s dubbed decentralized.