Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:

how Poly Network works
what specific mechanism the hacker attacked on Poly Network
why many people (including myself) had never heard of Poly Network before the hack
how “keepers” failed to protect Poly Network
why a failed transaction was the key to pulling off the hack
what SlowMist claims to have discovered about the hacker
what could be motivating the hacker to return the stolen funds
how the hacker is communicating with Poly Network
why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens
how Poly Network should handle negotiations with the hacker

Thank you to our sponsors!

Sorare: https://sorare.com

Polymarket: https://polymarket.co/unconfirmed

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Episode Links

Mudit Gupta

Twitter: https://twitter.com/Mudit__Gupta
Blog: https://mudit.blog/
SushiSwap: https://twitter.com/SushiSwap

Poly Network hack

Returning funds: https://www.coindesk.com/poly-network-hacker-starts-to-return-funds

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Unconfirmed: Why Did the Poly Network Attacker Return Half the Money They Stole? - Ep.263 38:38 Share

Unchained

Shownotes Transcript

Unconfirmed: Why Did the Poly Network Attacker Return Half the Money They Stole? - Ep.263