Digital Currency Platform Poly Network Rewards Hacker With $500,000 'Bug Bounty'

Poly Network did not specify the form of payment, or if their offer was accepted by them

The cryptocurrency platform Poly Network, had confirmed on Friday that it had offered the hacker or hackers a USD 500,000 “bug bounty" which earlier this week lost USD 610 million in a hack.


The Poly Network has already received most of the amount that was stolen during the theft and had termed the biggest yet in the decentralised finance world.


Bug bounty a prize offered to those who help uncover bugs and other interims in a digital framework.


As reported by news agency Reuters, Poly Network in a thank you statement called the hacker a "white hat" - jargon for an ethical hacker who points out threats in a system and offered a prize for detecting the flaw in its security.


In its statement, the cryptocurrency platform also said it hoped "Mr White Hat" would continue to support the development of blockchain sector upon accepting the USD 500,000 reward, which the crypto platform had offered as part of settlement on the return of the digital coins.


Although, Poly Network did not specify the form of payment, or if their offer was accepted by them.


The statement said that after communicating with Mr. White Hat, the platform have also come to a complete understanding regarding how the situation open out as well as Mr. White Hat’s original intention without giving further details.


At the moment,a series of statements showed taht those who are claiming to have bring about the theft have said they do not want the bug bounty.


They said that they have carried out the hack because they found it fun and now want to return all the appropriate funds.


Tom Robinson, chief scientist and co-founder of crypto tracking firm Ellipticon Thursday shared the statements on Twitter, said these were embedded in Ethereum transactions sent from the account controlled by the hacker.


In one of the digital messages, the unidentified hacker or hackers stated that they had not responded to Poly Network's offer and will instead send all of their money back.


According to a statement released on Friday, the hacker has returned USD 340 million worth of assets and transferred the bulk of the rest to a digital wallet jointly administered by them and Poly Network.


The digital currency platform Poly Network announced the hack on Tuesday, and the following day said that the hacker or hackers had begun returning the digital coins which they had taken.

India Scanner News Network

Leave a comment