Apart from offering its hacker a bug bounty of $500K, the Poly Network is also offering him a security advisory role in the company. The Poly Network revealed this much in an update on the sequel of events that started eight days ago when an anonymous hacker stole over $612m worth of digital assets from the network.
No Action Against Poly Network Hacker
Part of the announcement states that the team won’t be taking any legal action against the hacker. “we are convinced that our attacker meant no harm and would soon return all the assets still in his custody to us,” the announcement further revealed.
We appreciate Mr. White hat for his efforts in bringing our security lapses to our notice regardless of how he made it known to us. Polygon network announced last week that a hacker had stolen more than $612m worth of assets from its network.
Twenty-four hours later, the hacker reached out to polygon, offering to return the stolen funds. Subsequently, the network tagged the hacker’s action as white hat, offered him a bug bounty, and now offering to hire him. A statement credited to the cross-chain states that the network hopes other hackers can take a cue from Mr. White hat’s behavior to enhance the network’s security development.
Our goal is still to create a safe distributed network. Even though Mr. White hat has returned almost all the stolen funds, he hasn’t released the multisig wallet key which the poly network created for the transfer. He can also not return the remaining $34m from the heist because Tether has frozen it.
It is ironic that the hacker of a company is now being offered an employment position in the same company. While no one can pinpoint the hacker’s identity, a top cybersecurity firm in Asia claimed that it had used its technology to identify its fingerprint and IP address.
Even though all poly network users couldn’t access their funds for a few days, the network’s popularity has risen during this period. Also, Google analytics reveal a rising search for Decentralized Finance (DeFi) projects, and it reached its peak today. This is its largest record of searches since the launch of the network in 2020.
Ethical Hacker Detects $360m Vulnerability In Sushiswap
Samczun has reported a security bug in Sushiswap’s smart contracts and would have set the exchange back by almost $360m. The white hat revealed that it discovered the bug while testing a smart contract code on Miso – a Sushiswap platform.
It also said that a similar loophole was exploited by hackers on a similar DeFi contract platform last year and resulted in the loss of $380k worth of digital assets. In this case, Samczun immediately reached out to Sushiswap’s Chief Technical Officer, who was previously unaware of the situation.
Hence, Sushiswap was able to end an ongoing auction token sale manually. However, Samzcsun has stated that sushi still needs to revamp its current security system to avoid an actual hack.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.
