After $600m Heists Crypto Hacker Was Offered $500000 and Immunity

Offering Money to Hackers for The Return of Stolen Possessions Might Set A Bad Precedent

0 16

A crypto hacker has been able to pull off a $600 million money heist which was in the form of cryptocurrency, has been offered to be given $500,000 along with protective immunity for his past crimes as a reward after he returns back the stolen amount. This controversial offer has been made by Poly Network after the crypto hacker has pledged to return all the recently stolen $600 million in cryptocurrency.

Cryptocurrency heist

The attack had been uncovered for the community on Tuesday after the Poly Network had appealed to the crypto hacker publicly for his help in the matter. One of the former officials from the FBI said that the private firms do not have any authority to assure any kind of immunity or protection from criminal prosecutions.

The recent attack of the stolen $600 million by a crypto hacker has become one of the largest hacking money heists in history. According to Poly Network, the crypto hacker was able to gain control and exploit a slightly vulnerable spot in their other secured system.

Most of the amount of the stolen money had been given back to the firm, although it has been said by the crypto hacker that he is not interested in taking the $500,000 reward money.

Shortly after the attack by the crypto hacker into the main server of the firm, the individual started to post multiple notes in a blockchain which is available publicly, which majorly contained taunts regarding the company and later asked ways through which he might be able to launder the stolen $600 million.

Sometime after, it has been reported that the hacker confirmed that he is not at all interested in the reward money offered by Poly Network and even promised to return back all the looted riches.

Return of stolen amount

In the evening on Thursday, a statement was given by Poly Network in which they stated that most of the assets that are still under the possession of the crypto hacker had been transferred inside a digital wallet that is under the control of both the firm and the hacking individual.

The firm has also said that they are still currently in wait for the process of repayment to be completed fully, but that is working alongside a crypto hacker. A small portion of the stolen cryptocurrency was frozen soon after the attack over the firm, which has yet to be transferred back, although even if the crypto hacker likes to keep them and utilize them later, they would be of no use as they can’t be accessed by the hacker anyways.

The co-founder of London-based analytics of blockchain and compliance firm Elliptic, Tom Robinson, said that the crypto hacker still has around $33.4 million under the possession in the form of stolen Tethers from the $600 million amount because they had been frozen and kept in the same place by Tether themselves. It could easily be observed on the blockchain that a few thousand dollars’ worth of tokens is being held on to by the crypto hacker without any obvious reason for the action.

It is yet to be cleared that the stolen cryptocurrency by the hacker from Poly Network that is currently being kept by the individual is a part of the combined assets that have been illegally obtained or the donating amount which the crypto hacker has been promised to receive by the firm as a reward for returning back the stolen money.

The other money, which is unsettled, also contains a 13.37 Ether tip (which is equivalent to $40,000), which the crypto hacker had transferred to a user that had given a prior warning to the hacker regarding the frozen state of the Tether token by the developers.

Improvement in security

When asked, the hacker said that he conducted the $600 million heist of cryptocurrency for fun and in an attempt to encourage the exchange firms for cryptocurrency Poly Network to further make improvements in their security system.

The crypto hacker has been dubbed as ‘Mr. White Hat’ by Poly Network and have accepted the detailed explanation given for the conduction of the heist. Generally, the term white hat hackers are used to describe ethical researchers of security that utilizes their skill sets to make good changes along with helping organizations find possible flaws in their security system and help them to further enhance it to prevent it from getting hacked.

Read also Zoom Settles A Class-Action Privacy Lawsuit By Paying $86m

Leave A Reply

Your email address will not be published.