Poly Network Considers Relaunching With $500K Bug Bounty

Poly Network considers relaunching with a $500K bug bounty after the funds were returned, hoping to rule out the code flaws so let’s read more in our latest crypto news today.

In a recent announcement, Poly Network stated that it will go live again and it teamed up with the bug bounty platform Immunefi to offer $500,000 for white hat hackers that will discover smart contract flaws and code bugs. The bug bounty went live recently according to Immunefi which stated that there will be a $100K up for grabs for discovering specific vulnerabilities. The bounty program focused on addressing theft or loss of users’ funds in the Poly Network ecosystem and all rewards will be distributed to the impact of vulnerability based on the Immunefi Vulnerability Severity Classification system.

#PolyNetwork system is soon about to be relaunched as the team gets things in order to proceed as per the #roadmap . In addition to the previous 500k proposal for #MrWhiteHat, #PolyNetwork officially announces a separate 500k #bounty program open for top #security agencies https://t.co/esvKZsd1IP

— Poly Network (@PolyNetwork2) August 16, 2021

The cross-chain DeFi protocol was exploited for more than $600 million and the analysis of the incursion revealed that the private keys were compromised in an attack that was made easier by flaws in the Poly Network smart contract design. The DeFi protocol announced that it received 0 million returned from the hacker who the platform now calls “Mr.
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White Hat” and stated that it was never his intention really to steal the funds adding:

 “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.”

A week ago, Poly Network released a statement announcing that all of the $610 million of the funds were transferred to a multi-sig wallet which is under its control. There were 33 million USDT outstanding which were frozen after the attack. Poly Network confirmed:

“Mr. White Hat has returned approximately $340m in user assets and has also transferred approximately $238m to a multi-signature wallet — with the exception of $33m in USDT, which is still frozen.”

Poly Network considers relaunching with the bug bounty program and once it has determined the motives to be benign, the spokesperson for the protocol said it was willing to offer the individual a $500,000 bounty. Mr. White Hat refused and returned all of the funds. The identity of the mystery white hat remains unknown and this is one of the few hacks that had a happy ending.