Poly Network trusts its hacker and reimburses users
Poly Network trusts its hacker and reimburses users

Poly Network trusts its hacker and reimburses users

By Stefania Stimolo - 13 Aug 2021

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Poly Network, a cross-chain DeFi platform, trusts its hacker nicknamed Mr. White Hat, rewarding him with $500,000 as a bug bounty. 

“As our communication with Mr. White Hat is going on, the remaining user assets on Ethereum are gradually transfered to the multisig wallet (0x34D6B21D7B773225A102b382815e00Ad876E23C2) requested by Mr. White Hat”.

Basically, the infamous $600 million crypto hack attack of 10 August 2021, suffered by Poly Network’s platform, seems to be getting a new twist. 

Indeed, in addition to having received back the funds from ETH, Polygon and BSC equivalent of $260 million, the next day the amount returned already amounted to $324 million.

It seems that the hacker (or hackers) responsible did indeed act ethically, claiming that the attack was carried out to expose the Poly Network vulnerability

Since the funds are reportedly flowing back to the DeFi platform addresses, the Poly Network Team has dubbed the hacker Mr. White Hat and is trying to work together to complete the entire transfer. 

Not only that, but the hacker has reportedly accepted Poly Network’s $500,000 reward for being able to find the bug that makes the platform vulnerable. 

The Poly Network theft and the relationship with the ethical hacker

Thus, the cooperative relationship of the Mr. White Hat hacker in the restitution of the entire sum stolen, seems to be resolving itself completely. 

In fact, in addition to the $33 million in frozen USDT, Poly Network says that repayment to ETH users is already underway. The sums come from the multisig wallet controlled by both the platform and the hacker.

“All the remaining user assets on Ethereum (except for the frozen USDT) had been transferred to the multisig wallet controlled by Mr. White Hat and Poly Network Team.

The repayment process has not yet been completed. To ensure the safe recovery of user assets, we hope to maintain communication with Mr. White Hat and convey accurate information to the public. Any unfounded allegations and speculation may damage the extremely important process of asset recovery.

To achieve the goal of full recovery of both assets and cross-chain services, the team will continue to communicate with Mr. White Hat actively to receive the final key”.

In the effort to convince the hacker to become “good” and return the funds, Flux Protocol‘s platform also intervened. Here’s what its tweet reported:

“Cross-chain solutions are crucial to the sustainability of Web3! Instead of exploiting, become a white hat hacker, as you’re important to the future of decentralization for making it more secure and to increase mass acceptance of blockchain & crypto! Hack for good”.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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