The Poly Network attack incident has basically come to an end, and over $600 million in assets will be returned to their rightful owners
Next, the user's focus will be on when they can withdraw assets such as BTC and ETH.Author: Richard Lee
This afternoon, the hacker involved in the Poly Network attack incident submitted the keys for 3/4 of the multi-signature wallet through an on-chain transfer message, indicating that this major on-chain attack involving stolen assets worth over $590 million is essentially coming to an end.
Previously, on August 13, the hacker stated they would return all stolen assets, but due to $33.43 million in USDT being frozen by Tether and $230 million in assets remaining in the 3/4 multi-signature address, not all assets could be returned to users.
The Poly Network team released an update on the incident this afternoon, stating that they have completed the recovery of some USDC assets, and the team has confirmed the unlocking method for USDT with Tether.
The project claims that the hacker has returned a total of $96.94 million in DAI and $87.55 million in BUSD. The Poly team will convert these assets into USDC and return them to the original user addresses. For the slippage losses and transaction fees incurred, the Poly team will cover these costs with their own funds.
Regarding the $33.43 million USDT frozen by Tether, the Poly team stated that they confirmed the unlocking method with Tether on the evening of August 19 and are working on further coordinating the remaining steps.
Shortly after Poly Network released the above announcement, the hacker promptly submitted the keys for the 3/4 multi-signature address through an on-chain transfer message, finalizing the return of the $230 million in assets.
As of now, Poly Bridge has restored cross-chain transfer functionality for a total of 54 types of assets, including DAI, ETH, USDC, and USDT. However, for security reasons, Poly Bridge will gradually restore cross-chain services for different types of assets.
O3Swap, developed by Poly Network, also announced today the restart of the USDC cross-chain pool, allowing users to trade USDC assets across Ethereum, BSC, and Polygon networks, as well as freely add or remove liquidity from the USDC cross-chain pool. In the future, based on the progress of asset recovery by Poly Network, cross-chain pools for USDT, ETH, and BTC pegged assets will also be opened sequentially. Additionally, O3Swap officials stated that they will reward white hat hackers with O3 worth $200,000.
Moving forward, the focus of external attention will be on when Poly Network will properly handle the return of assets by the hacker and open withdrawal services for assets such as USDT, BTC, and ETH, as well as whether a corresponding compensation mechanism will be introduced.
