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HomeBusinessPoly Network rewards white hat hacker with $500K

Poly Network rewards white hat hacker with $500K

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Earlier this week, Poly Network lost $610 million to a crypto currency hacking scheme.

The platform confirmed on Friday it offered a hacker $500,000 as “bug bounty” for helping them recover the money.

Conseqently, The platform thanked the “White Hat” hacker for his assistance in returning the majority of the funds and improving the network’s security.

White Hat is a branch of ethical hacking aiming to expose system vulnerabilities and helps in cyber security.

Mr. White Hat

Poly Network stated it hopes “Mr. White Hat” would still share his expertise and help in developing the blockchain sector.

The network had rewarded him as part of an agreement for his help in the fund recovery.

However, the statement did not specify the form of payment nor mention whether the hacker accepted the $500,000 or not.

Tom Robinson, Chief Scientist of Elliptic, tweeted on Thursday a digital message showing a person claiming to be the hacker Poly Network offered the reward.

Besides, Poly Network is a decentralized finance platform (DeFi).

Moreover, It facilitates P2P transactions with a focus on enabling users to transfer currency between different blockchains.

According to Chainalysis, a blockchain forensics company, Mr. White Hat may have exploited an asset bug in the network’s digital contracts.

Furthermore, Poly Network stated on Friday that the hacker had returned $340 million in assets and transferred the rest to a digital wallet controlled by him and the network.

The crypto company behind the stable coin froze the rest of the money stored in the tether.

“After communicating with Mr. White Hat, we have come to a complete understanding of how the situation unfolded,” the network stated.

Fund Recovery

Poly Network announced the hacking on Tuesday, but said the next day the hackers had started returning the digital coins.

In a digital message shared by Elliptic, the hacker revealed he carried the attack just for fun and has always planned to return the money.

However, Some cryptocurrency analysts speculated the hackers have found it difficult to launder the stolen cryptocurrencies on such a scale.

 

 

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