Poly Network, which had a large amount of virtual currency stolen, solicits hackers to become security advisors



On August 10, 2021, Poly Network , a platform that allows the direct exchange of different virtual currencies, was hacked by exploiting system vulnerabilities, resulting in the highest amount of damage ever caused by a decentralized finance (DeFi) hack. A total of 611 million dollars (approximately 68 billion yen) worth of virtual currency was leaked. Despite the cost, Poly Network is inviting hackers to join its team as 'Chief Security Advisor' in an effort to fix the vulnerability.

Poly Network: Crypto platform asks hacker to become security advisor
https://www.cnbc.com/2021/08/17/poly-network-cryptocurrency-hack-latest.html

Due to a hack in August 2021, a total of $611 million worth of Ethereum (ETH), Binance Coin (BNB), and USD Coin (USDC) was leaked from Poly Network. Poly Network immediately reported the damage on Twitter, published the hacker's virtual currency destination address, and called on miners and exchanges to blacklist the tokens sent from the address. They also asked the hackers to return the stolen virtual currency.

A record amount of over 60 billion yen worth of virtual currency is stolen by hacking - GIGAZINE



However, approximately 24 hours after the hacking was reported by Poly Network, the virtual currencies stolen by the hackers were returned one after another. The hacker claimed, ``I'm not really interested in money. Shouldn't we learn something from hacking?'' ``I want to give you some hints to ensure network safety,'' and at the time of writing the article, the stolen virtual currency. Approximately 60% of the amount was returned. Regarding this matter, an expert said, ``Due to the transparency of blockchain, it would be difficult to touch virtual currency, so returning the virtual currency would have been the best option.''

According to Poly Network, approximately $238 million (approximately 26 billion yen) of the remaining virtual currencies, excluding the $33 million (approximately 4 billion yen) that was immediately frozen by Tether immediately after the hacking report was reported. The situation is said to be out of control. This virtual currency is being sent to a multi - signature address that requires multiple private keys for transactions, and the hacker is in possession of the private key. The hacker states, 'We will provide the keys 'when everyone is ready.'' Poly Network calls the hacker ``Mr.WhiteHat'' and continues to request return.

Poly Network is cooperating with related organizations to fix the vulnerability, but in addition to that, it is offering up to $500,000 (approximately 55 million yen) to Mr. White Hat as a reward for finding the vulnerability. He said he called. However, Mr. White Hat did not accept this and said that it should be provided to the technical community that contributed to blockchain security.

With Mr. White Hat in mind, Poly Network is running a bug bounty program on its dedicated platform, Immunefi . They are offering a reward of $100,000 (approximately 11 million yen) to anyone who finds a serious bug.

Poly Network calls on Mr. White Hat, ``We have no intention of imposing legal liability, and we sincerely invite Mr. White Hat as chief security advisor.''




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in Security, Posted by log1p_kr