20 July 2026
PolyNetwork's Hacker Returns All Stolen Ethereum Funds
The Poly Network team has announced that all the hacked funds on Ethereum ($600 million worth of cryptocurrencies) have been returned.
Earlier this week, PolyNetwork's blockchain experienced a massive security breach. The anonymous perpetrator, dubbed "Mr White Hat", raked over $600 million in various digital assets.
The attacker first dabbled in creating a new token and allowed the DAO to determine what he should do with the funds. However, he ultimately chose another route, saying he was "ready to return the fund!" And he indeed started doing so.
The Poly Network team had also created a multisig address and notified the hacker (via a message attached to an Ethereum transaction) to return said funds to that address. The hacker started doing so, later stated that the hack was "just for fun." "I am not very interested in money! I know it hurts when people are attacked, but shouldn't they learn something from those attacks?" the hacker stated
According to a recent Twitter post from the DeFi protocol, "all the remaining user assets on Ethereum (except for the frozen USDT) had been transferred to the multi-sig wallet controlled by Mr White Hat and PolyNetwork team." Tether indeed froze about $33 million worth of its stablecoin. The team has also urged people to refrain from "unfounded allegations and speculations" that could damage this process.
Before sending the funds back to the Poly Network team, the attacker was offered a $500,000 bounty. The embedded message to an Ethereum transaction sent by the Poly Network team said that "We plan to offer you a $500,000 bug bounty after you complete the refund fully." However, just seven minutes later, the attacker responded in a transaction, confirming the offer but ultimately rejecting it. Instead, he decided to "send all of their money back."
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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