Poly Network Offers White Hat Hacker Advisory Position to the Company

17 August 2021 | Updated: 17 August 2021

Following the recent network hack that shook the industry, decentralized finance (DeFi) protocol Poly Network has offered an advisory position and a $500k reward to the hacker, dubbed ‘Mr. White Hat.’

In a press update on Tuesday, the Poly Network team noted that they are offering the hacker, who initially stole over $600 million worth of crypto-asset, a position as chief security advisor to the company to harness the hacker’s expertise. The company also insists on a $500,000 reward for the hackers, which they previously turned downed. The Poly Network stated that:

“Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users.

As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hat’s outstanding contribution to Poly Network’s security enhancements.”

The hack reportedly occurred on August 10, after analysts alerted that about $611 Million had gotten stolen from the Polygon network, the Binance Smart Chain, and Ethereum. The hacker then told the team through messages embedded in Ethereum transactions detailing their intentions to return the funds. The team noted that they saw the attack as a “white hat” action, which explains the team’s decision to reward the hacker.

Poly Network Optimistic for the Future of the Project

The team added that they are “counting on more experts like Mr. White Hat to be involved” in the development of the project, “since we believe that we share the vision to build a secure and robust distributed system.”

That said, the hackers have returned all but $33 million in frozen USDT until other undisclosed requirements get met.

Asides from the temporary inability of some users to access their funds, the white hat hack has had a positive impact on the publicity of the Poly Network and the DeFi sector.

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.