Poly Network Hacker Returns $600 Million, Offered $500,000 Bug Bounty

White Hat hacker behind Poly Network breach says they will not be claiming the $500,000 reward for exposing a critical security flaw on Poly Network.


Source: Shutterstock


key takeaways

  • Almost all the funds stolen during the Poly Network hack have been returned
  • On Twitter, digital assets experts debated whether the hackers really were ‘White Hat’ operatives of if they found it too difficult to launder funds at scale

The Poly Network hack has nearly come to a close with a favorable result for stakeholders and users of the network as the hackers that stole close to $600 million have returned their stolen digital loot.  

Poly Network confirmed that the process was underway via a Twitter post Thursday, and while on-chain data showed that the funds were being transferred Poly Network also said that they were awaiting a key from the hacker to unlock the wallet. Functionality on the network is expected to be re-enabled shortly after. 

Although the hacker or hacking group that executed the attack claims to be a White Hat hacker — meaning they don’t intend to be malicious — so far they have declined to accept a ‘bug bounty’ of nearly $500,000 for exposing flaws in the network. 

Loading Tweet..

Within the White Hat world of information security professionals, bug bounties are a common practice. In exchange for proactively disclosing information about the security flaw and keeping it confidential, hackers are rewarded for their efforts.

However, security firm SlowMist which was working with Poly Network to investigate the hack said that they had discovered the hacker’s IP address and email perhaps forcing their hand to return the funds and claim that they were a White Hat group.

In response to the news, DeFi tokens were generally bullish throughout the US trading session on Friday with Ether up 7%, Cardano up 16%, and Polkadot up 7%.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit