Poly Network to Relaunch With $500K Bug Bounty After Funds Returned
In order to find and fix any remaining bugs, the troubled decentralized finance protocol Poly Network has announced that it will soon relaunch.
On August 16, Poly Network announced that it would soon resume live streaming. In addition, Poly and bug bounty platform Immunefi have partnered to offer a $500,000 reward to white hats who find smart contact flaws and code bugs.
According to Immunefi, the bug bounty went live a few hours ago and announced a $100K prize for finding specific vulnerabilities.
According to the statement, the bounty program aims to address potential user fund theft or loss in the Poly Network ecosystem. Rewards are given out based on the Immunefi Vulnerability Severity Classification System’s assessment of the vulnerability’s impact.
The Crypto Industry’s Biggest Hack: Recovery
According to a report published on August 10 by CryptoPotato, the cross-chain DeFi protocol was misused to the tune of $600 million. Private keys were compromised in an attack that was made easier by flaws in Poly Network’s smart contract design, according to analysis of the intrusion.
The DeFi protocol reported receiving $260 million back from the hacker on August 12. The hacker, who Poly has come to refer to as “Mr. White Hat,” said that he had no desire to steal the money and added, “I would like to give them tips on how to secure their networks so that they can be eligible to manage a billion [dollar] project in the future.”
All $610 million of the funds, according to a statement last week from Poly Network, have been moved to a multisig wallet under its management. 33 million USDT were still owing, and they were frozen right away after the attack. On August 17, Poly Network announced on its blog that Mr. White Hat had returned about $340 million in user assets and had transferred about $238 million to a multi-signature wallet, with the exception of $33 million in USDT, which was still frozen.
No desire for a reward
A Poly Network spokesperson declared that the protocol was prepared to offer the hacker a $500,000 bounty after concluding that his or her intentions were good. Mr. White Hat declined and later gave back all of the money.
One of the very few DeFi hacks with a successful outcome, as of August 17, the identity of the mystery white hat is still unknown.
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