Tether Releases Frozen Stolen Funds; Over $33M to Poly Network and 1.7M USDT to Yearn Hack

Dominant stablecoin Tether said on Wednesday that just over $33.4 million of funds that were frozen by the company in regards to the Poly Network exploit earlier this month have now been released to its legitimate owners.

According to the transaction, the funds have been sent by the Tether Treasury to the Poly Network Multisig address. The transaction cost Tether 0.0063233 Ether ($19.58).

The decision to release the funds was made after working closely with the cross-chain network that involves “strict protocols,” it said. Tether said,

“Freezing funds is not a matter we take lightly – in being the first to act, Tether demonstrated its commitment to security and continued vigilance in ensuring the community always comes first.”

Earlier this week, Poly Network said that it has successfully retrieved all the $610 million stolen in one of the biggest ever DeFi hacks and added at the time that they are in talks with Tether about unfreezing the remaining $33 million in stablecoin, which now has been done. The team said on Thursday,

“PolyBridge has now restored cross-chain functionality for a total of 59 assets. Other advanced functions will be gradually restored.”

The Network offered its hacker a $500,000 “bug bounty” as the hacker said they did the attack to expose a vulnerability in the platform's digital contracts and was always planning to return the funds.

Poly Network labeled the hacker as “Mr. White Hat” and offered them the job of Chief Security Advisor.

Besides unfreezing Poly Network’s stolen funds, Tether also returned 1.7 million USDT the same day, which were stolen as part of the hack of Yearn DAI v1 vault in February this year, said Paolo Ardoino, CTO at Tether and its sister company, Bitfinex, a crypto exchange.

“Really appreciate the quick reaction back in February and your assistance now,” said Banteg, the core developer of Yearn Finance.

When it comes to hacks, recently, Japanese crypto exchange Liquid’s hot wallet was also hacked for about $94 million that blockchain analysis firm Elliptic said included $5 million in Bitcoin, $31 million in Ether, and $13 million in XRP.

Early on Thursday, crypto exchange FTX CEO Sam Bankman Fried said they are extending $120 million capital to Liquid, adding “All customer assets are safe and fully backed.” No other information was shared about the composition, duration, or rate the loan was offered.

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