Cryptocurrency platform Poly Network, which allows users to swap different types of digital tokens, was the victim of a cryptoheist that resulted in the thief (allegedly just one hacker) to swipe over $600 million of currency. The incident has been dubbed the largest theft of cryptocurrency to date.

The story reads like the beginning of a novel. After the heist, Poly Network posted a letter on Twitter asking the thief to get in touch with them “to work out a solution.” The thief then posted messages that he would return the funds because he was “not very interested in money.” The next day, Poly Network claimed it had received half of the stolen amount back from the thief, in the form of Ether tokens, Polygon tokens and Binance Coin.

The hacker then posted a three-page Q&A self-interview discussing why he did it. According to reports, the hacker said the heist was meant to showcase the vulnerabilities in the Poly Network software and that users should learn from the hack. The hacker wanted to expose the bug, but not cause a “panic in the crypto-world” which is why the hacker took the important coins but left the Dogecoin. According to the thief, “The pain suffered is temporary, but memorable.”

Cryptocurrency continues to be unregulated, so the bigger story is what would have happened if the cryptocurrency hadn’t been returned.

Photo of Linn Foster Freedman Linn Foster Freedman

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She is a member of the Business Litigation Group and the Financial Services Cyber-Compliance Team, and chairs the firm’s Data Privacy and Security and Artificial Intelligence Teams. Linn focuses her…

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She is a member of the Business Litigation Group and the Financial Services Cyber-Compliance Team, and chairs the firm’s Data Privacy and Security and Artificial Intelligence Teams. Linn focuses her practice on compliance with all state and federal privacy and security laws and regulations. She counsels a range of public and private clients from industries such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine and charitable organizations, on state and federal data privacy and security investigations, as well as emergency data breach response and mitigation. Linn is an Adjunct Professor of the Practice of Cybersecurity at Brown University and an Adjunct Professor of Law at Roger Williams University School of Law.  Prior to joining the firm, Linn served as assistant attorney general and deputy chief of the Civil Division of the Attorney General’s Office for the State of Rhode Island. She earned her J.D. from Loyola University School of Law and her B.A., with honors, in American Studies from Newcomb College of Tulane University. She is admitted to practice law in Massachusetts and Rhode Island. Read her full rc.com bio here.