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Crypto platform Poly Network rewards hackers with "bug bounty"



(Reuters) – Poly Network, the cryptocurrency platform that lost $ 610 million in a hack earlier this week, confirmed on Friday that it had offered the hacker or hackers a "bug bounty" of $ 500,000.

In a statement thanked the hacker – whom it called a "white hat", sector jargon for an ethical hacker who generally aims to expose cyber vulnerabilities – who had returned the bulk of the funds to "help us improve the Poly Network's security."

The network also said it hoped “Mr. White Hat ”would contribute to the continued development of the blockchain sector after accepting the $ 500,000 reward it had offered as part of the negotiations on the return of the digital coins.

The statement did not specify in what form it would pay $ 500,000. It said the hacker had responded to the offer but did not say if it was accepted.

On Thursday, digital messages shared on Twitter by Tom Robinson, chief researcher and co-founder of the crypto-tracking company Elliptic, showed a person claiming to have committed the hack had said that Poly Network offered him the benefit of returning the stolen assets.

A lesser known name in the crypto world, Poly Network is a decentralized financing platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or exchange tokens across different blockchains.

The as yet unidentified hacker or hackers appear to have exploited a vulnerability in the digital contracts Poly Network uses to move assets between different blockchains, according to blockchain forensic technology company Chainalysis. [1

9659002] According to Friday's statement, the hacker returned $ 340 million worth of assets and transferred the bulk of the rest to a digital wallet jointly controlled by them. nd Poly Network.

The remainder, which is kept in bondage, was frozen by the cryptocurrency company behind stablecoin.

"After communicating with Mr. White Hat, we have also come to a more complete understanding of how the situation developed. as well as Mr. White Hat's original intent, "the statement said without giving further details.

Poly Network announced the hack on Tuesday, but the next day the hackers said they had taken back the digital coins they had taken. [19659002] The hackers said in digital messages shared by Elliptic that they had committed the attack for fun and that there were always plans to return tokens.

Some blockchain analysts have speculated that they may have had too much trouble laundering stolen cryptocurrency on such a scale. Catalog

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