DeFi platform begs hackers to return $600 million in stolen crypto

troubled soul · Aug 11, 2021

I do not know what to say here,
Serious crime but response make my day.

"You should talk to us to work out solution"

NicolasMaduro · Aug 11, 2021

I´m curious how they would ever cash that out though?

Martin Everson · Aug 11, 2021

lol...them asking for it back is as stupid as Obama asking Iran to return a US spy drone it captured.

Seems like hacker has returned some however

exprtadvisrdev · Aug 11, 2021

Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued"

c'mon the money is lost, they just need to stop crying and move on

DSCorp · Aug 11, 2021

Looks like it worked...
https://www.coindesk.com/poly-netwo...m_campaign=NODE AUG 11 2021&utm_term=The Node

Cocopops · Aug 12, 2021

exprtadvisrdev said:
Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued" c'mon the money is lost, they just need to stop crying and move on

Ahah true, if you play with crypto you have to accept the rules.

troubled soul · Aug 12, 2021

NicolasMaduro said:
I´m curious how they would ever cash that out though?

That's the funny part. Easy to hack or stole crypto. But Hardest part is cash out. That's why hacker returning the money. Seems He is amateur in this area.

khinkali · Aug 12, 2021

@azb1 I don't think so in this case. Some hackers are in it to steal money, attack an enemy country, politics, etc. But a lot of hackers are in it for the intellectual challenge. I guess this one will return a lot more and I wouldn't be surprised if the remaining money goes to good causes.

https://twitter.com/x/status/1425487745166753794

troubled soul · Aug 12, 2021

khinkali said:
@azb1 I don't think so in this case. Some hackers are in it to steal money, attack an enemy country, politics, etc. But a lot of hackers are in it for the intellectual challenge. I guess this one will return a lot more and I wouldn't be surprised if the remaining money goes to good causes.

https://twitter.com/x/status/1425487745166753794

I think this is not the case of "White Hat hack"

Cryptocurrency security firm SlowMist said on its website that it has identified the attacker's mailbox, internet protocol address, and device fingerprints, but the company has not yet named any individuals.

In beginning He try to swap token , If he want to return money , He will never try to do that.
He is immature in washing his "stolen coin".

This is my understanding , May be I am wrong.
Who know whole drama was "inside job".
In crypto world Trust nobody.

troubled soul · Aug 12, 2021

Maybe who know, He does some leverage trading and return money after that .
with this huge amount anything can possible. Timing of returning money raise my eyebrow.
If He is "white hat hacker", He can return money instantly.
Still some money is not returned.

He can possibly earn billion with trading and return money.
Who knows ??

Martin Everson · Aug 12, 2021

exprtadvisrdev said:
Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued" c'mon the money is lost, they just need to stop crying and move on

That made me laugh as its so true. When it comes down to it they need government . Luckily its slowly being returned.

I would like to know motives of the hacker . He may have just wanted to manipulate the markets in some way and profit from it. I mean someone who goes to all that effort to find an exploit and do the heist would have put equal planning into what to do with the stolen goods I think. Otherwise that's like robbing a Jewelers and then saying "ok now what am I gonna do with 500 watches" .

Silvio · Aug 12, 2021

For the 100000th time:
If you want to be your own bank, be prepare to have bank-level security.

If not then you are an idiot, a mark waiting to be scammed.

Somehow this simple truth goes right past most of the creepto people.

khinkali · Aug 13, 2021

It's not about theft for gain. There are some clues in things like MrGorbachevTearDownThatWall.txt and sending 133.713371337 gas fees.

Poly now call the hacker "Mr White Hat" after they offered him $500k reward and he turned it down.

$33 million in USDT remain frozen by Tether and my guess is that Poly will get everything back, apart from maybe the 13.37 ETH tip sent to someone who alerted Mr White Hat to the Tether Freeze. Some folks in Shanghai will be quite relieved.

Martin Everson · Aug 13, 2021

khinkali said:
$33 million in USDT remain frozen by Tether

That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then. They have frozen funds on multiple occasions before it seems and also actively work with law enforcement .

https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/
https://cryptobriefing.com/tether-can-freeze-your-usdt-39-addresses-containing-millions-blacklisted/

Dreamy · Aug 13, 2021

I think this exchange just did all this specifically for self-promotion or something like that. Or they were paid to order Bitcoin ads. Otherwise, I cannot explain in any way how you can steal such an amount and then return it. I do not believe in the honesty of people.

troubled soul · Aug 13, 2021

https://blog.chainalysis.com/reports/poly-network-hack-august-2021

He return the money, Because He was caught.

the attacker withdrew 0.47 ETH from Hoo.com, which was used to pay for gas fees on transactions associated with the hack. Additionally, the attacker appears to have sent 13.37 ETH to a user known as Hanashiro.eth,

Cryptocurrency security firm Slowmist claims to have identified the attacker’s mailbox, IP address, and device fingerprints, suggesting they could be close to identifying them

khinkali · Aug 13, 2021

Martin Everson said:
That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then.

It's your choice when you set up an Ethereum smart contract. The so called "stable coin" contracts are often centralised, even though the network they're on is often rather decetralised. It's a lot for people to get their heads around. Keep in mind that Tether requires KYC to issue or redeem tokens anyway.

Currently, the more decentralised options tend to be less user friendly, which is also why people tend to use Binance and Coinbase rather than decentralised exchanges.

azb1 said:
He return the money, Because He was caught.

If that were the case, why not accept the $500k bounty and a no-action letter?

This doesn't have the profile of cyber theft. I'm using the term "theft" in an English law sense. He did of course take property without consent which was not sensible, other than flagging the exploit in a far more dramatic way than a professional white hatter would. If he was hoping to raise awareness about this kind of exploit, then he succeeded.

lacomaco · Aug 16, 2021

Martin Everson said:
That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then. They have frozen funds on multiple occasions before it seems and also actively work with law enforcement .

https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/
https://cryptobriefing.com/tether-can-freeze-your-usdt-39-addresses-containing-millions-blacklisted/

Martin, as far as I know Tether is not based on a blockchain.... That is the biggest problem of believing that full funds backing USDT exist in prime financial institutions. So in essence they can do whatever they want with the US$60bn....

lacomaco · Aug 16, 2021

maxmmm said:
For the 100000th time:
If you want to be your own bank, be prepare to have bank-level security.

If not then you are an idiot, a mark waiting to be scammed.

Somehow this simple truth goes right past most of the creepto people.

This huge Defi mania looks to me like the Dutch tulips... All highly leveraged "investors", financial intermediaries without any licencing, supervision or checks is a sure recipe for trouble

khinkali · Aug 16, 2021

@lacomaco Tether is on blockchains. Here is an example: Tether USD (USDT) Token Tracker | Etherscan

We can easily see how much is issued at any time. What we can't see are the bank deposits, bills, corporate bonds etc that are supposed to back USDT because the legacy financial system is highly opaque. Those "prime financial institutions" simply lack transparency.

DeFi platform begs hackers to return $600 million in stolen crypto

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