Sunday, 19 September 2021

Poly Network commences full asset restoration as hacker returns remainder of $610m heist

To everyone who remains concerned and has been keeping up with the progress on Poly Network,

Thank you for your continued interest. At 08:39:04 AM +UTC on August 23, 2021, Mr. White Hat publicly shared a private key in his possession to the 3/4 multi-signature wallet through an on-chain message. Poly Network has successfully retrieved the remaining 28,953 ETH and 1,032 WBTC (about $141 million). At this point, all the user assets that were transferred out during the incident have been fully recovered. Thanks to Mr. White Hat’s cooperation, Poly Network has officially entered the fourth phase of our roadmap “Asset Recovery”. We are in the process of returning full asset control to users as swiftly as possible.

1. Private key verification

After receiving the private key published on Mr. White Hat’s chain, we first verified to check if it was the genuine private key to the multi-signature wallet. The team has confirmed that the private key is genuine, and functional. As of now, Poly Network has regained control of the $610 million (not including the frozen $33 million USDT) in assets that were overall affected in this attack.Once again, we would like to thank Mr. White Hat for keeping his promise, as well as the community, partners and the multiple security agencies for their assistance.

2. Start the recovery process

Since this incident occurred, Poly Network has maintained the restoration of user asset control as the first priority. After confirming that the private key is genuine, Poly Network officially started the process of returning user assets. Thanks to the users’ patience and support for the past ten days, the Poly Network team will proceed with accurate accounting of the assets and return them to the users within the shortest time frame possible.

3. Restoring Services

Once all assets have been successfully restored, Poly Network will gradually resume cross-chain functionality for all the assets, along with other functions, subject to full security confirmation.

4. Confirming the USDT asset recovery plan

Poly Network has publicly announced all actions pertaining to USDT in the past. We have been in close communication with Tether and have followed up in accordance with Tether’s standard process. Tether is in the process of confirming the final unfreezing process with us.

We request the users to remain patient in these remanining final steps towards achieveing our goal.

 

Re-disseminated by The Asian Banker

 

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