Poly Network to Relaunch With $500K Bug Bounty After Funds Returned
In an announcement on August 16, Poly Community acknowledged that it’ll quickly be going reside once more. Moreover, Poly has teamed up with bug bounty platform Immunefi to supply $500,000 for white hats that uncover sensible contact flaws and code bugs.
The bug bounty went live a few hours in the past, based on Immunefi, which acknowledged there can be $100Okay up for grabs for locating particular vulnerabilities.
The bounty program focuses on addressing doable theft or lack of customers’ funds within the Poly Community ecosystem, it acknowledged. Rewards are distributed based on the influence of the vulnerability based mostly on the Immunefi Vulnerability Severity Classification System.
#PolyNetwork system is quickly about to be relaunched because the crew will get issues in an effort to proceed as per the #roadmap . Along with the earlier 500okay proposal for #MrWhiteHat, #PolyNetwork formally proclaims a separate 500okay #bounty program open for prime #security companies https://t.co/esvKZsd1IP
— Poly Community (@PolyNetwork2) August 16, 2021
Recovering From Crypto’s Largest Hack
As reported by CryptoPotato on August 10, the cross-chain DeFi protocol was exploited for more than $600 million. Evaluation of the incursion revealed that non-public keys had been compromised in an assault made simpler by flaws in Poly Community’s sensible contract design.
On August 12, the DeFi protocol introduced that it had received $260 million returned from the hacker. The hacker, who Poly now calls ‘Mr. White Hat’ acknowledged it was never his intention to steal the funds, including, “I want to give them recommendations on the way to safe their networks in order that they are often eligible to handle a billion [dollar] mission sooner or later.”
Final week, Poly Community launched an announcement asserting that every one $610 million of the funds had been transferred to a multisig pockets that’s underneath its management. There was 33 million USDT excellent, which had been frozen instantly following the assault. In a blog post on August 17, Poly Community confirmed:
“Mr. White Hat has returned roughly $340m in person property and has additionally transferred roughly $238m to a multi-signature pockets — except $33m in USDT, which remains to be frozen.”
Don’t Need a Reward
As soon as Poly Community had decided the hacker’s motives to be benign, a spokesperson for the protocol stated that it was prepared to supply the person a $500,000 bounty. Mr. White Hat refused and subsequently returned the entire funds.
As of August 17, the id of the thriller white hat stays unknown, and this is among the only a few DeFi hacks that has had a cheerful ending.