“White Hat” is a term used to describe an ethical hacker who aims to uncover cyber vulnerabilities. The poly network allows users to swap tokens from one digital vault to another. found a flaw in the system and transferred assets to its own cryptocurrency wallet. Hackers stole more than $600 million worth of tokens in the attack. The robbery was the largest cryptocurrency heist ever since it took place in Japan in 2018. Digital coins stolen from the exchange Coincheck were defrauded to the tune of more than $534.8 million (approximately Rs 3,978 crore).
After discovering the theft in Poly Network, the company appealed to the hacker and it probably worked.
Later, the company informed that the funds were being continuously returned and that it was in touch with the hacker.
Express our deepest apologies to all users again. With the aim of ensuring complete, safe, and smooth asset recovery, we would like to briefly share #PolyNetwork ‘s roadmap for resuming operations and fully recovering user assets in the coming phases.https://t.co/Zh1Sm9eDq1
— Poly Network (@PolyNetwork2) August 14, 2021
In a statement, Poly Networks said the hackers “expressed concerns about the company’s security and overall development strategy”. Then the company offered him a job.
“Furthermore, to extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world with Poly Networks, we invite him to serve as Chief Security Advisor of Poly Networks, The company said.
Regarding the reward of $ 500,000 (about Rs 3 crore 72 lakh), the company said that it would give Mr. White Hat’s idea of rejecting bounty money and sending it to people who are working to improve blockchain technology. “We will still transfer this $500,000 reward to a wallet address verified by Mr. White Hat so that he can use it for cyber security,” Poly Networks said.