Cryptocurrency Heist: Poly Network Reward Hacker with $500,000 ‘Bug Bounty’

Cryptocurrency Heist: Poly Network Reward Hacker with $500,000 ‘Bug Bounty’:  Poly Network stated that it hopes the hacker will contribute to the continued growth of the blockchain sector.

Poly Network, a cryptocurrency platform that lost $610 million (roughly Rs. 4,530 crores in hacks earlier this week. Poly Network, the cryptocurrency platform that lost $610 million (roughly Rs. 3.7 crores) “bug bounty”.

It thanked the hacker, who is called a “white-hat”, sector jargon that refers to an ethical hacker who generally seeks to expose cyber vulnerabilities. The hacker had returned most of the funds to “help us improve Poly Network’s security”.

After accepting $500,000 (roughly Rs. 3.7 crores), the network stated that it hoped Mr. White Hat would help to further develop the blockchain sector. It offered the reward as part of negotiations for the return of digital coins.

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It did not indicate the form it would pay $500,000 (roughly Rs. 3.7 crores). The offer stated that the hacker had accepted the offer, but didn’t say if it had been accepted.

Poly Network, a Decentralised Finance (Defi), a platform that facilitates peer-to-peer transactions. It focuses on allowing users to transfer and swap tokens across multiple blockchains.

According to Chainalysis, a blockchain forensics company Chainalysis, the hacker or hackers that have not been identified appear to have exploited an insecure feature of the digital contracts Poly Network uses for moving assets between different blockchains.
According to Friday’s statement, the hacker had returned $340 million, or roughly Rs. 2,520 crores worth of assets were returned by the hacker, who also transferred most of the remaining funds to a joint digital wallet controlled jointly by Poly Network and them.

The stable coin firm behind cryptocurrency froze the rest in the tether.

“After communicating with Mr. White Hat we have also come up to a greater understanding regarding the way the situation unfolded, as well as Mr. White Hat’s original intent,” the statement stated, without providing further details.
Poly Network reported the hack Tuesday. However, the hackers announced that they were now returning digital coins they took the day before.

In digital messages that Elliptic shared, the hackers stated that they had carried out the attack to have fun and that they always planned to return the tokens.

Blockchain analysts speculate that it might not have been possible to transact stolen cryptocurrency on this scale.

Also Read: What is the environmental impact of cryptocurrency mining?

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