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Cryptocurrency theft at Poly Network: Bitcoin thief receives reward and job offer | 09/06/21

• Hacker looted poly network coins worth more than $ 600 million in attack

• The coins have been returned in full

• The hacker was offered a $ 500,000 reward and a job as a security advisor for Poly Network

How safe are my coins? Many people may ask themselves this question after the biggest cryptocurrency theft of all time. Hackers stole more than $ 600 million worth of cyber currency in an attack on Poly Network, a cryptocurrency platform. As Poly Network now reports in a press release, all tokens could be recovered after a complex process.

Hacker initially only returned part of the coins

Poly Network calls the perpetrator “Mr. White Hat” on Twitter. According to reports from the Tagesschau, this is used to describe benign hackers in the security industry. According to Tom Robinson, co-founder of Elliptic, traces that were discovered in the hacker’s publicly available bank transfers pointed to this fact. The expert for blockchain analysis and compliance published a three-page question and answer session on Twitter, which the hacker published. “Mr. White Hat” announced that he was not very interested in the money and had always planned to return the money.

No sooner said than done – however, according to a press report from Poly Network, the hacker initially withheld a large part of the digital coins. These were locked on an account. Passwords from Poly Network and the hacker were required to gain access.


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Assets have been restored

In order to process the hacker attack as transparently as possible, Poly Network has developed a roadmap with different phases. After the hacker returned all the coins, the asset recovery phase was completed, according to the company. In the final phase, customers should now have full control over their coins again. The honest hacker “Mr. White Hat” was also offered a bug bounty of $ 500,000 and a job as a security advisor. A bug bounty is an award for reported errors in programs and applications. In addition, Poly Network would like to start a program that encourages white-hat organizations and security agencies to “participate in ensuring the functional core security in the Poly Network,” the company said in a press release.

Tim Adler / finanzen.ch editors

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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