The cryptocurrency hacker who was involved in a robbery worth over $600 million (about Rs 4,462 crores) last week was offered the job of Chief Security Advisor at the same company he targeted. In addition, Poly Network insisted that “Mr. White Hat” (how the company treats the hacker) keeps the $500,000 reward (about Rs. 37.1 crores) as a token of gratitude from the cryptocurrency platform. The hacker, or hackers, returned most of the stolen funds, saying the theft was just “for fun”. The hacker also refused to accept the company’s reward as part of the negotiations and publicly stated that he was considering offering it to those who contributed to the blockchain’s security.
“White Hat” is a term used to describe an ethical hacker who seeks to expose cyber vulnerabilities. Poly Network allows users to exchange tokens from one digital ledger to another. But someone found a flaw in the system and transferred assets to their own cryptocurrency wallets. The big attack led the hacker to flee with over $600 million in tokens. This theft was the largest known cryptocurrency theft as it exceeded $534.8 million (about Rs. 3,978 crores) in digital coins stolen from the Japanese Coincheck exchange in 2018.
After the Poly Network theft was discovered, the company appealed to the hacker and it probably worked.
#PolyNetwork have no intention of holding #mrwhitehat is legally responsible and cordially invites you to be our Chief Security Advisor. The $500,000 reward is on its way. Whatever it is #mrwhitehat choose to do with the reward in the end, we have no objections. https://t.co/4IaZvyWRGz
– Poly Network (@PolyNetwork2) August 17, 2021
The company later reported that resources were being regularly returned and that it contacted the hacker.
Express our deepest apologies to all users again. In order to ensure the complete, safe and smooth recovery of assets, we would like to share soon #PolyNetwork roadmap to resume operations and fully recover user assets in the next phases.https: //t.co/Zh1Sm9eDq1
– Poly Network (@PolyNetwork2) August 14, 2021
In a statement, Poly Network said the hacker “expressed concern for the company’s security and overall development strategy.” Then came the job offer.
“In addition, to extend our thanks and encourage Mr. White Hat to continue contributing to the advancement of security in the blockchain world together with Poly Network, we invite Mr. White Hat to be the Chief Security Advisor for Poly Network” , said the company.
Regarding the $500,000 reward, the company said it fully respects Mr. White Hat’s thoughts of turning down the money and sending it to those working to improve blockchain technology. “We’re still going to transfer this $500,000 reward to a wallet address approved by Mr. White Hat so he can use it for the cybersecurity cause,” added Poly Network.