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Hacker returns $600 million in cryptocurrency that he had stolen
According to the Reuters news agency, the hacker who stole more than 600 million dollars (more than 511 million euros) in digital tokens from the cryptocurrency platform Poly Network two weeks ago has repaid the entire amount.
The hacker had already begun reimbursing the cryptocurrency coins that had been stolen. The exact amount of money that would be returned to Poly Network was still up in the air at the time, but the platform has now confirmed that it will receive its entire investment back.
The work, on the other hand, is not yet ready for the platform. Poly Network is currently unable to access around $33 million in cryptocurrency due to a temporary freeze of the funds. In addition, the platform is still in the process of restoring a functioning system.
Earlier this week, Poly Network said that it had offered the hacker half a million dollars (more than 425,000 euros) in compensation. According to the platform, the hacker was dressed in a "white hat," which refers to an ethical hacker who hunts for flaws in information technology systems in order to keep one step ahead of malicious hackers.
hearnia_2K
Member
Posts: 87
Joined: 2006-12-14
Member
Posts: 87
Joined: 2006-12-14
#5940616 Posted on: 08/24/2021 09:53 AM
Other than a fancy Ferrari what is a FIAT?
That's a smart move. He stole it before it went up, invested it and gave it back as FIAT. Nice move 
Other than a fancy Ferrari what is a FIAT?
Kaarme
Senior Member
Posts: 2898
Joined: 2013-03-10
Senior Member
Posts: 2898
Joined: 2013-03-10
#5940619 Posted on: 08/24/2021 10:21 AM
The article made it sound like the hacker returned the crypto currency (or currencies). So, the only way he could have made profit is if the crypto's value had dropped significantly. If it was expensive when he stole it, he could have sold it for real money. Then, when it had dropped, he could have bought an equal amount for less real money and returned the crypto, keeping the margin for himself. I don't believe that happened. It's probably not that easy to sell 600 million dollars worth of crypto just like that, unless Elon Musk happens to be visiting the market right then and there.
That's a smart move. He stole it before it went up, invested it and gave it back as FIAT. Nice move
The article made it sound like the hacker returned the crypto currency (or currencies). So, the only way he could have made profit is if the crypto's value had dropped significantly. If it was expensive when he stole it, he could have sold it for real money. Then, when it had dropped, he could have bought an equal amount for less real money and returned the crypto, keeping the margin for himself. I don't believe that happened. It's probably not that easy to sell 600 million dollars worth of crypto just like that, unless Elon Musk happens to be visiting the market right then and there.
fantaskarsef
Senior Member
Posts: 12987
Joined: 2014-07-21
Senior Member
Posts: 12987
Joined: 2014-07-21
#5940630 Posted on: 08/24/2021 12:02 PM
This refers to "real money"; it's a term used mainly by finacial guys and quite vocally, the crypto currency community.
Further reading: Fiat money - Wikipedia
Oh and I do believe daily trades of $600M might be much, but give the hacker a month's time, and only insiders would know what happens there.
Other than a fancy Ferrari what is a FIAT?
This refers to "real money"; it's a term used mainly by finacial guys and quite vocally, the crypto currency community.
Further reading: Fiat money - Wikipedia
Oh and I do believe daily trades of $600M might be much, but give the hacker a month's time, and only insiders would know what happens there.
rl66
Senior Member
Posts: 3374
Joined: 2007-05-31
Senior Member
Posts: 3374
Joined: 2007-05-31
#5940642 Posted on: 08/24/2021 12:30 PM
For those interested in more about that (as it is old news) he get a reward of 500 000$ and a job in the security of the company he stole...
So yes returned but with heavy benefit and no pursuit... Fancy move.
For those interested in more about that (as it is old news) he get a reward of 500 000$ and a job in the security of the company he stole...
So yes returned but with heavy benefit and no pursuit... Fancy move.
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Junior Member
Posts: 13
Joined: 2020-07-03
That's a smart move. He stole it before it went up, invested it and gave it back as FIAT. Nice move