Poly Network Offers Hackers $500,000 For Finding Vulnerability

Poly Network Offers Hackers $500,000 For Finding Vulnerability

The unidentified hacker or hackers seem to have exploited a weakness in the digital contracts Poly Network utilizes to transfer assets across various blockchain, according to blockchain forensics firm Chainalysis.

After a theft of 610 million dollars earlier this week, Poly Network cryptocurrency trading platform has announced that it has awarded hackers or hackers with a $500,000 bug reward. The platform has already received most of the volume, known as the largest ever in decentralized finance.

Mr White Hat

In a letter of thanks, Poly Network dubbed the hacker a “white hat” – lingo for an ethical hacker who points to system weaknesses – and a reward that revealed the security defect stated Reuters.

The platform also hoped in its statement that “Mr White Hat” would continue to assist blockchain sector growth. By accepting the $500,000 bounty given in talks for the repatriation of digital currencies. However, Poly Network did not explain how it would pay the hackers or hackers $500,000 or accept its offer.

Without providing any more information, it said, 

“After communicating with Mr. White Hat, we have also come to a complete understanding regarding how the situation unfolded as well as Mr. White Hat’sHat’s original intention.”

Meanwhile, those who claimed theft stated they did not want the bug bounty. They did the hack since it was fun for them. Moreover, they now want to return the funds, several assertions have shown.

In a ”ask-me-anything” session, someone claiming the hacker behind the Poly Network assault said the platform considered the behaviour of its white hat activity. Furthermore, gave them a $500,000 incentive that is to be paid after completion of the refund.

Poly Network is a decentralized financial network (DeFi). It enables peer-to-peer transactions that allow users to exchange tokens across several blockchains.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.