Every week following the main hack on the Poly Network, the community introduced a bug bounty program with Immunefi.
Last week the Poly Network faced the largest network hack in decentralized finance (DeFi) history. An unknown hacker, now known as MrWhiteHat, stole over $600 million in funds across a number of blockchains.
Poly Network saga
Poly Community instantly jumped on the state of affairs and issued a press release to its group, which additionally addressed the hacker and known as for an amicable resolution. In a single day, the hacker returned $10,000, earlier than sending again $1 million shortly after that.
By the tip of the following day, MrWhiteHat returned the rest of the funds aside from a small share that had been frozen by Tether. In a Q&A with the hacker on Twitter, MrWhiteHat claimed it was “all the time the plan” to return the funds.
On this identical Q&A, the hacker touched on a bug within the system, which finally allowed for the theft. Following this. Poly Community jumped on the case and released its “Roadmap for Restoration.” The plan outlines the methods by which the community will resume operations and totally recuperate consumer property. Together with the roadmap, the community issued an apology to the group.
Together with the discharge of the roadmap to renew regular operations, Poly made one other announcement introduced on by the hack.
The community announced that there shall be a $500,000 bug bounty program for “high safety organizations, whitehat organizations, builders, anyone who cares about DeFi safety.”
It’s clear that community safety takes new priority within the community’s priorities post-hack. “We proceed to keep up the protected restoration of property as the primary precedence, and hope our efforts on safety shall be acknowledged by #MrWhiteHat and strengthen customers’ belief. Keep tuned.”
The bug bounty program will run in cooperation with Immunefi, a number one bug bounty platform. According to Immunefi, this system will launch on Aug 17 and the rewards embody, “$100,000 per legitimate bug bounty, with a complete bounty pool of $500,000.”
Because the DeFi space continues its ascent in reputation and conventionality, safety will change into an more and more necessary matter. The Poly Community is now within the highlight because it reevaluates its present efficiency within the area and modifies for a safer future.
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