The Insane, Ongoing Saga of a $600 Million Crypto Theft

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The Insane, Ongoing Saga of a $600 Million Crypto Theft
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A $600 million heist — the largest-ever crypto hack — highlighted the level of uncertainty and vulnerability in the exploding world of decentralized finance. But is the hacker the bad guy in this story, or the good guy? KevinTDugan reports

“Mr. White Hat” might or might not live up to his moniker. Photo-Illustration: Intelligencer; Photos: Getty Images The thing to know about Mr. White Hat is that he doesn’t use that name himself. The hacker, location unknown, has divulged few personal details, and who knows if those are even true? English isn’t his first language, he has said, and he’s a cybersecurity professional who’s been breaking into computers since he was young. That’s about it.

“The Poly Network team is still negotiating with the hacker. And the primary goal is to get one key back from the hacker,” said Xuxian Jiang, the CEO of blockchain security firm Peckshield, which is working with Poly Network. “At this stage, we really don’t want to make the hacker angry to do something to jeopardize the funds.”

Mr. White Hat, it seems, agrees. In his missives, he waxes philosophical about the nature of life, dropping references to Martin Heidegger. “I have been exploring the meaning of life for a while. I hope my life can be composed of unique adventures, so I like [to] learn & hack everything in order to fight against the fate. Sein zum tode,” he said, using a Heideggerian term for a state of being that’s oriented toward one’s own death.

The turn of events has divided the crypto community. Only a quarter of respondents in a recent Twitter poll run by Peckshield said the hacker was the good guy. His languid pace has caused havoc in a lively Telegram group of Poly Network users demanding their money back. Mr. White Hat, in turn, responded with taunts. The hacker has rejected the $500,000 bounty on offer from Poly but has mused about using it against Poly.

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