Poly Network offered its cyber hacker a $500,000 "bug bounty" days after it lost $610 million, Reuters first reported.- The DeFi platform said it is giving the sum for "helping us improve Poly Network's security."
- The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins.
Poly Network offered its cyber hacker a $500,000 "bug bounty" days after the DeFi platform lost - and mostly recovered - $610 million in what is considered one of the biggest cryptocurrency heists in history.
Poly Network said the sum is for "helping us improve Poly Network's security," Reuters first reported, citing a statement it reviewed.
The platform also said it hopes the hacker, who it refers to as "Mr. White Hat," will contribute to the blockchain sector's development upon accepting the $500,000 reward, Reuters reported.
It is unclear what form the $500,000 bounty will be paid in and it is also unknown if the hacker will accept the offer, according to Reuters.
"After communicating with Mr. White Hat, we have also come to a more complete understanding regarding how the situation unfolded as well as Mr. White Hat's original intention," Poly Network said in a statement viewed by Reuters.
White Hat is industry lingo for someone who hacks for ethical reasons.
The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 statement released by Poly Network.
Poly Network made the hack publicly known on August 10 and requested for the funds to be returned. The hacker started siphoning the funds back on August 11.
The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a Q&A session that was embedded in
The screenshots of the exchange were obtained by Tom Robinson, cofounder of Elliptic, a blockchain analytics and compliance company.
"The Poly network is a decent system," the hacker said. "It's one of the most challenging attacks that a hacker can enjoy."
The hackers said he or she took the funds after spotting a bug "to keep it safe."
The latest heist highlighted the ongoing risks of decentralized finance platforms, which allow transactions without traditional safeguards from banks or exchanges.