Cryptocurrency theft: Poly Network offers superior security work for hackers, insists they keep a $500,000 reward

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.

The company later reported that resources were being regularly returned and that it contacted the hacker.

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.

Interested in cryptocurrency? We discuss all things cryptography with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you want. you get your podcasts.


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