A crypto hacker offered reward of $500,000 who stole just over $600m (£433m) worth of cryptocurrency for returning the money. Poly Network made the controversial offer after the hacker pledged to send back the money.
In yet another bizarre twist to this story, Poly Network announced that it has maintained daily contact with the hacker referred to as Mr White Hat. Poly Network claims that the hacker shared his concerns about “Poly Network’s security and overall development strategy”.
The attack was uncovered when Poly Network publicly pleaded with the hacker to help over social media. The attack is one of the largest hacking heists in history. Poly Network said the person had exploited a vulnerability in its system. Most of the money has now been given back, although the hacker says they are not interested in the reward.
Mr. White Hat, a crypto hacker offered reward as a Chief Security Advisor
Over $600M in cryptocurrency was stolen in an elaborate digital heist when a hacker exploited a vulnerability in Poly Network, a platform used to make cryptocurrency transactions across different blockchains. If that was not enough, the hacker later returned nearly all of the stolen currency after the illegal transactions were flagged which made the money nearly impossible to convert to US dollars anyway.
Later, Poly Network then offered Mr. White Hat a job as Chief Security Advisor of Poly Network. It’s not uncommon for hackers to make living testing out the digital defense of large companies for a fee.
“We are also counting on more experts like Mr. White Hat to be involved in the future development of Poly Network since we believe that we share the vision to build a secure and robust distributed system. Also, to extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network.”
Poly Network also promised Mr. White Hat a $500,000 reward for discovering the exploit that resulted in the massive theft, although the hacker initially turned it down. Poly Network still sent him the $500K for him to do as he pleases.
The company also stated that it is not holding Mr. White Hat legally responsible because it’s “confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users.” Though his name is Mr. White Hat, some users have found it hard to believe that the theft was an unexpected security test and not simply a messy heist that both sides are now trying to recover from.
Poly Network then offered Mr. White Hat a job as Chief Security Advisor of Poly Network. It’s not uncommon for hackers to make living testing out the digital defense of large companies for a fee. White hat hackers are ethical security researchers who use their skills for good to help organizations find security flaws.
Who better to run your security than the person who robbed you?