Poly Network to set up a $500,000 bug bounty program to improve security

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 17, 2021
  • Poly Network has offered $500,000 to the hacker who stole $610 million from the platform last week.
  • The cryptocurrency platform is negotiating with the hacker for the refund of the stolen funds.
  • The platform has also launched a bounty program worth $500,000 for white hackers.

Cryptocurrency platform Poly Network, after losing $610 million last week, had offered $500,000 to the hackers as a form of bounty.

The firm stated that it has offered the “bug bounty” to the hacker, who had returned most of the funds.

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Poly Network, who dubbed the hacker “Mr. White Hat”, commented that the bounty is for helping the platform improve its network’s security.

The bounty is offered as part of the negotiation with the hacker to return the remainder of the funds. The network also asked Mr. White Hat to contribute to the continuous development of the Blockchain sector. 

However, Poly Network admitted that the hackers have responded to the offer but are yet to agree to the terms. The network also did not reveal which payment method it intends to use for the bounty.

Offers a new $500,000 bug bounty program 

Apart from the $500,000 offered to Mr. White Hat, the network announced that it will be launching a separate $500,000 bounty program as an incentive to prevent such hacking incidence in the future.

“PolyNetwork officially announces a separate 500k #bounty program open for top #security agencies,” the network stated.

A bug bounty program is very popular in the tech world, where companies offer different rewards to hackers and security researchers to discover vulnerabilities. The idea is to give the tech-savvy individuals the incentive to hunt for bugs that would have been catastrophic if bad actors find them first.

The cost of a hacking incident can be very expensive to an organization. As a result, most of these firms prefer spending a little money to offer more security to their systems. 

Once the security researchers find and discover the bugs, they are presented to the company and receive a specific bounty payment in exchange.

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