Poly Network Announces Bug Bounty Program Following Major Hack

2021-8-16 14:53

A week following the major hack on the Poly Network, the network announced a bug bounty program with Immunefi.

Last week the Poly Network faced the largest network hack in decentralized finance (DeFi) history. An unknown hacker, now referred to as MrWhiteHat, stole over $600 million in funds across multiple blockchains.

Poly Network saga

Poly Network immediately jumped on the situation and issued a statement to its community, which also addressed the hacker and called for an amicable solution. Overnight, the hacker returned $10,000, before sending back $1 million shortly after that. 

By the end of the next day, MrWhiteHat returned the rest of the funds apart from a small percentage that had been frozen by Tether. In a Q&A with the hacker on Twitter, MrWhiteHat claimed it was “always the plan” to return the funds. 

In this same Q&A, the hacker touched on a bug in the system, which ultimately allowed for the theft. Following this. Poly Network jumped on the case and released its “Roadmap for Recovery.” The plan outlines the ways in which the network will resume operations and fully recover user assets. Along with the roadmap, the network issued an apology to the community. 

A roadmap for security

Along with the release of the roadmap to resume normal operations, Poly made another announcement brought on by the hack. 

The network announced that there will be a $500,000 bug bounty program for “top security organizations, whitehat organizations, developers, anybody who cares about DeFi security.” 

It’s clear that network security takes new precedence in the network’s priorities post-hack. “We continue to maintain the safe recovery of assets as the first priority, and hope our efforts on security will be recognized by #MrWhiteHat and strengthen users’ trust. Stay tuned.”

The bug bounty program will run in cooperation with Immunefi, a leading bug bounty platform. According to Immunefi, the program will launch on Aug 17 and the rewards include, “$100,000 per valid bug bounty, with a total bounty pool of $500,000.”

As the DeFi space continues its ascent in popularity and conventionality, security will become an increasingly important topic. The Poly Network is now in the spotlight as it reevaluates its current performance in the space and modifies for a more secure future. 

The post Poly Network Announces Bug Bounty Program Following Major Hack appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Santiment Network Token (SAN) на Currencies.ru

$ 0.0865709 (-0.22%)
Объем 24H $210
Изменеия 24h: 9.95 %, 7d: 19.49 %
Cегодня L: $0.0865709 - H: $0.0865709
Капитализация $0 Rank 5672
Цена в час новости $ 0.1272 (-31.94%)

network hack poly following major bounty program

Источник: beincrypto.com

network hack → Результатов: 99


Фото:

Kucoin Hack: $17M Laundered Via Decentralized Exchanges, Blockchain Analysis Firm Claims This Can Still be Traced

Elliptic says the Kucoin hacker has sold $17. 1 million worth of tokens via decentralized exchanges (dex) platforms like Uniswap, Kyber Network, Tokenlon. The shift to dex applications comes after centralized projects came to the aid of the beleaguered exchange by blocking any cashing out of the hack related funds.

2020-10-2 10:30


Ethereum’s hard fork receives endorsement from ETC Cooperative Exec

The DAO hack that took place in 2016 on the Ethereum network caused commotion in the network and led to several steering towards the idea of a hard fork. Towards the end of the dispute, the Ethereum network divided into two where the forked blockchain was occupied by the Ethereum network and Ethereum Classic continued […] The post Ethereum’s hard fork receives endorsement from ETC Cooperative Exec appeared first on AMBCrypto.

2019-10-27 11:30


дальше еще 50 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Poly Network Hacker Returns Remainder of Stolen $610M

Poly Network announced on its Twitter account Monday that the hacker ‘Mr. White Hat’ has returned the remaining funds that he stole. The post Poly Network Hacker Returns Remainder of Stolen $610M appeared first on BeInCrypto.

Poly Network Hack — Reconsidering the ‘Real Hacker’ Scenario

The recent Poly Network inter-chain hack, including Ethereum, Binance Smart Chain, and Polygon, has caused a lot of hype as the hacker returned the stolen funds. The post Poly Network Hack — Reconsidering the ‘Real Hacker’ Scenario appeared first on BeInCrypto.

Poly Network Trying to Hire Hacker Behind $600M Heist

The cryptocurrency platform that was targeted by last week’s $600 million dollar heist asks the hacker to become its chief security advisor. The post Poly Network Trying to Hire Hacker Behind $600M Heist appeared first on BeInCrypto.