In a dramatic digital turn of events, a hacker with a heart of gold who exploited a flaw to steal $ 600 million in cryptocurrency from a trading site was offered a job as a Chief Security Advisor for the same company that he stole.
They even offered him $ 500,000 as a reward if he could track down and identify the flaw that allowed him to breach network security, but turned it down before returning the stolen property to users who lost it.
Poly Network, a platform for conducting cryptocurrency (CC) transactions through different blockchains, was surprised to discover that more than 500 million were stolen through a vulnerability identified by a hacker named Mr. White Hat.
Although the assets were flagged, making it nearly impossible to convert them into dollars, Poly Network decided that the best way to make sure its network was piracy-proof was to hire the man to prove it was not.
In a statement, Poly Network said they are in daily communication with Mr. White Hat, who “shared his concerns about the security and overall development strategy of Poly Network in a recent public dialogue.”
“We are also counting on more experts such as Mr. White Hat to be involved in the future development of the Poly Network … In addition, to extend our appreciation and encourage Mr. White Hat to continue to contribute together to advance security in the blockchain world … cordially invite Mr. White Hat to be Poly Network’s chief security advisor ”, aggregate.
Poly Network has said multiple times that they have chosen not to seek legal recourse, and although Mr. White Hat declined the offer of the 500K to search for the source of the security breach, the company gave it to him anyway “to use in his own discretion for the cause of cybersecurity and supporting more projects and individuals. “
Poly Network has also announced that anyone who uses their platform to trade CC will receive up to $ 100,000 in Ethereum as a “bug bounty” for each critical vulnerability they identify and bring to the company’s attention.
So far, all but $ 33 million of the $ 600 million of CC raised by Mr. White Hat has been returned, and the rest are still frozen and unable to move.
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