Poly Network Offers White Hat Hacker Advisory Position to the Company
Login

Poly Network Offers White Hat Hacker Advisory Position to the Company

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


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.

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News