Poly Network Offers Reward to Hacker Who Stole $611 Million


Image for article titled Poly Network Offers $500,000 Reward to Hacker Who Stole and Then Returned $611 Million in Crypto

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A cryptocurrency platform that was hacked and had lots of of hundreds of thousands of {dollars} stolen from it has now provided the thief a “reward” of $500,000 after the prison returned virtually all the cash.

A couple of days in the past a hacker exploited a vulnerability within the blockchain expertise of decentralized finance (DeFi) platform Poly Network, pilfering a whopping $611 million in numerous tokens—the crypto equal of a gargantuan financial institution theft. It is believed to be the most important theft of its type in DeFi historical past.

The firm subsequently posted an absurd open letter to the thief that started “Dear Hacker” and proceeded to beg for its a reimbursement whereas additionally insinuating that the prison would finally be caught by police.

Amazingly, this tactic appeared to work—and the hacker (or hackers) started returning the crypto. As of Friday, virtually everything of the large haul had been returned to blockchain accounts managed by the corporate, although a large $33 million in Tether coin nonetheless stays frozen in an account solely managed by the thief.

After this, Poly weirdly began calling the hacker “Mr. White Hat”—basically dubbing them a virtuous penetration tester fairly than a disruptive prison. Even weirder, on Friday Poly Network confirmed to Reuters that it had provided $500,000 to the cybercriminal, dubbing it a “bug bounty.”

Bug bounties are packages whereby an organization can pay cyber-pros to discover holes in its IT defenses. However, such packages are typically commissioned by companies and addressed by well-known infosec professionals, not performed unprompted and ad-hoc by rogue, nameless hackers. Similarly, I’ve by no means heard of a penetration tester stealing lots of of hundreds of thousands of {dollars} from an organization as a part of their check.

Nonetheless, Poly Network apparently told the hacker: “Since, we (Poly Network) believe your action is white hat behavior, we plan to offer you a $500,000 bug bounty after you complete the refund fully. Also we assure you that you will not be accountable for this incident.” We reached out to the corporate to attempt to independently affirm these reviews.

The hacker reportedly refused to take the crypto platform up on its provide, opting as an alternative to put up a collection of public messages in one of many crypto wallets that was used to return funds that purport to clarify why the heist came about. The self-interviews, dubbed “Q & A sessions,” had been shared over social media by Tom Robinson, co-founder of crypto-tracking agency Elliptic. In one of them, the hacker explains:

Q: WHY HACKING?
A: FOR FUN 🙂

Q: WHY POLY NETWORK?
A: CROSS CHAIN HACKING IS HOT

Q: WHY TRANSFERRING TOKENS
A: TO KEEP IT SAFE.

In one other put up, the hacker purportedly proclaimed, “I’m not interested in money!” and stated, “I would like to give them tips on how to secure their networks, so that they can be eligible to manage the billion project in the future.”

So, yeah, what do we expect right here, of us? Is the hacker:

  • A) a superb samaritan who stole the higher a part of a billion {dollars} to educate a crypto firm a lesson?
  • B) a spineless weasel who realized they had been in great ranges of shit and determined to engineer a method out of their prison deed?

The reply is unclear for the time being, however gee, does it make for high quality leisure. Tune in subsequent week for a brand new episode of Misadventures in De-Fi Cybersecurity. Thrilling stuff, no?





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