Poly Network Appeases “Mr.Whitehat” Hacker Offering $500,000 Bug Bounty as Funds Still Not Returned

The Poly Network are still holding out hope for a swift return of funds as ‘Mr. White Hat’ continues to delay and mulls over a sweetened offer.

Dardania Havolli
August 19, 2021
Blockchain News

Offer Made as Saga Continues

The hacker behind the largest DeFI exploit to date, has seemingly refused to return funds this week. The entire crypto world watches with bated breath.

The Poly Network team will be under immense pressure as this nightmare scenario presses onto its second week. There appears to be little sign of a swift conclusion after recent developments.

“I AM NOT READY TO PUBLISH THE KEY IN THIS WEEK,” The hacker wrote. “YOUR ESSAYS ARE VERY CONVINCING WHILE YOUR ACTIONS ARE SHOWING YOUR DISTRUST, WHAT A FUNNY GAME,” the attacker, who was cited on the blockchain tracking website Etherscan as ‘Poly Network Exploiter 1,’ wrote on August 18th in a transaction data field on the Ethereum blockchain.

In a bid to appeal to the attacker’s better nature, Poly Network negotiators have dubbed him as ‘Mr. White Hat,’ referring to someone who attacks for the purpose of exploiting vulnerabilities in a protocol and ultimately helping to fix issues within the underlying code. Could the nickname backfire?

A Sweetener or Desperation?

However you swing it, Poly Network is caught in a tight spot and they are trying to formulate a way in which to appeal to the hacker. 

“We still hope you can provide the key to us this week because thousands of users are waiting to get their assets back,” stated a message, in what seemed to be a response to the attacker, that was posted on Ethereum, and signed ‘Poly Network Team.’

They also promised the person behind the exploit a $500,000 bounty for aiding in identifying vulnerabilities within their protocol. But whether this will be enough is another matter altogether. 

Bug Bounty Importance

Bug Bounties have become the talk of the town of late, after important work by organizations like Immunefi which have helped projects strengthen security.

“Ultimately, we’re your last bastion of defense against these blackhat hackers in DeFi,” said Duncan Townsend, CTO of Immunefi, at the BSC.News Security Summit on August 19. 

We’ve recently covered the important partnership between Immunefi and The Graph in piecing together a record-breaking $2.5 million package reward for whoever is capable of identifying a bug. 

In the BSC.News Security Summit, Townsend stressed the importance of Bug Bounties and how they signify a seriousness of intent from protocols. It appears work like this will become more and more relevant as projects work toward strengthening security and attracting prospective investors. 

To see the full BSC.News Security Summit, catch it on YouTube here.

Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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