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Most Influential 2021: Polynetwork Hacker
For educating us on the difference between “hack” and “exploit.”
By CoinDesk
Updated May 11, 2023, 6:26 p.m. Published Dec 7, 2021, 2:08 p.m. 1 min read
There is still much that is unknown about the largest decentralized finance (DeFi) security breach to date, the sophisticated attack that drained $600 million worth of cryptocurrencies from the China-based PolyNetwork, including the identity of the “hacker” (or hackers) and their underlying motivations. It was a story that riveted the industry, in part because the “Polynetwork hacker” ultimately returned all the stolen funds while communicating with the public the whole way through.
The article is part of CoinDesk’s 2021 Most Influential list.
“Mr. White Hat,” as the hacker referred to themselves in one message, said they attacked the cross-blockchain platform to call attention to an unidentified vulnerability and always intended to return the funds (minus a small bug bounty). But it’s just as likely he/she/they were forced to do the right thing after several crypto exchanges and USDT stablecoin issuer moved to blacklist the funds.
Additional context: The crypto industry differentiates between a “hack,” which means breaking into a system, and an “exploit,” which leverages or makes vulnerable existing code.
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The owner had been trying for eight weeks to brute-force the password on their current Blockchain.com wallet, testing roughly 3.5 trillion combinations using the btcrecover service on a rented computing chip.
What to know:
- A viral X post claiming that Anthropic’s Claude “cracked” a bitcoin wallet is misleading, as the AI merely helped the owner locate an old wallet backup file on their own computer.
- The wallet was ultimately unlocked using a password the owner had already written down, and the recovered backup contained...
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