{"id":42309,"date":"2021-08-13T14:08:02","date_gmt":"2021-08-13T14:08:02","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/32559\/Poly-Network-Rewards-Hacker-With-500-000-Bug-Bounty.html"},"modified":"2021-08-13T14:08:02","modified_gmt":"2021-08-13T14:08:02","slug":"poly-network-rewards-hacker-with-500000-bug-bounty","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/poly-network-rewards-hacker-with-500000-bug-bounty\/","title":{"rendered":"Poly Network Rewards Hacker With $500,000 Bug Bounty"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.reuters.com\/resizer\/_17m0OJVtHQxIS_38rtJDkMKCko=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/NYSXGJEXYNJM7JYNFHKMJCJPCY.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p data-testid=\"paragraph-0\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">HONG KONG, Aug 13 (Reuters) &#8211; Poly Network, the cryptocurrency platform which lost $610 million in a hack earlier this week, confirmed on Friday it had offered the hacker or hackers a $500,000 &#8220;bug bounty&#8221;.<\/p>\n<p data-testid=\"paragraph-1\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">In a statement it thanked the hacker &#8211; who it dubbed a &#8220;white hat&#8221;, sector jargon for an ethical hacker who generally aims to expose cyber vulnerabilities &#8211; who had returned the bulk of the funds for &#8220;helping us improve Poly Network\u2019s security&#8221;.<\/p>\n<p data-testid=\"paragraph-2\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The network also said it hoped &#8220;Mr. White Hat&#8221; would contribute to the blockchain sector\u2019s continued development upon accepting the $500,000 reward, which it had offered as part of negotiations around the return of the digital coins.<\/p>\n<p data-testid=\"paragraph-3\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The statement did not specify the form in which it would pay the $500,000. It said the hacker had responded to the offer but did not say if it was accepted.<\/p>\n<p data-testid=\"paragraph-4\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">On Thursday digital messages shared on Twitter by Tom Robinson, chief scientist and co-founder of crypto tracking firm Elliptic, showed a person claiming to have perpetrated the hack had said Poly Network offered him the bounty to return the stolen assets.<\/p>\n<p data-testid=\"paragraph-5\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">A lesser-known name in the world of crypto, Poly Network is a decentralized finance (DeFi) platform that facilitates peer-to-peer transactions with a focus on allowing users to transfer or swap tokens across different blockchains.<\/p>\n<div class=\"ArticleBody__element___3UrnEs\" data-testid=\"gallery-0\" domain=\"https:\/\/www.reuters.com\" article_url=\"\/technology\/crypto-platform-poly-network-rewards-hacker-with-500000-bug-bounty-2021-08-13\/\">\n<div class=\"InlineGallery__detail___d_ous2\" readability=\"8\">\n<div class=\"Caption__caption_container___EQn2wz InlineGallery__caption___2WMAhn\" readability=\"11\">\n<p class=\"Text__text___3eVx1j Text__white___2ncio9 Text__regular___Bh17t- Text__small___MoVgdT Body__base___25kqPt Body__caption___1g8_ry Caption__caption_text___zghlXk Caption__collapsed___3-_67m\">A man takes part in a hacking contest during the Def Con hacker convention in Las Vegas, Nevada, U.S. on July 29, 2017. REUTERS\/Steve Marcus\/File Photo<\/p>\n<p><button class=\"Button__button___3FFWBE Button__ghost___FEywA_ Button__round___1BK77J Caption__collapse_button___3XmdBX Caption__collapsed___3-_67m\" type=\"button\"><\/p>\n<p><span class=\"Text__text___3eVx1j Text__inherit-color___30vgWE Text__bold___2wRTrQ Text__default___1Xh7Yh TextButton__medium___1vp1Wy\">Read More<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-6\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The as-yet unidentified hacker or hackers appear to have exploited <a href=\"https:\/\/www.reuters.com\/technology\/how-hackers-stole-613-million-crypto-tokens-poly-network-2021-08-12\/\" target=\"_blank\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">a vulnerability in the digital contracts<\/a> Poly Network uses to move assets between different blockchains, according to blockchain forensics company Chainalysis.<\/p>\n<p data-testid=\"paragraph-7\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">According to Friday&#8217;s statement, the hacker has returned $340 million worth of assets and transferred the bulk of the rest to a digital wallet jointly controlled by them and Poly Network.<\/p>\n<p data-testid=\"paragraph-8\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The remainder, held in tether, was frozen by the cryptocurrency firm behind the stablecoin.<\/p>\n<p data-testid=\"paragraph-9\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">&#8220;After communicating with Mr. White Hat, we have also come to a more complete understanding regarding how the situation unfolded as well as Mr. White Hat\u2019s original intention,&#8221; the statement said, without giving further details.<\/p>\n<p data-testid=\"paragraph-10\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Poly Network announced the hack on Tuesday, but the following day said the hackers had begun <a href=\"https:\/\/www.reuters.com\/technology\/defi-platform-poly-network-reports-hacking-loses-estimated-600-million-2021-08-11\/\" target=\"_blank\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">returning the digital coins<\/a> they had taken.<\/p>\n<p data-testid=\"paragraph-11\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">The hackers said in digital messages shared by Elliptic that they had perpetrated the attack for fun and that it was always the plan to return the tokens.<\/p>\n<p data-testid=\"paragraph-12\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Some blockchain analysts have speculated however they might have found it too difficult to launder stolen cryptocurrency on such a scale.<\/p>\n<p><span class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__default___1Xh7Yh SignOff__text___2onKdN\">Reporting by Alun John in Hong Kong and Tom Westbrook in Singapore<br \/>\nEditing by David Holmes<\/span><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\">Our Standards: <a href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" target=\"_blank\" class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<p>READ MORE <a href=\"https:\/\/packetstormsecurity.com\/news\/view\/32559\/Poly-Network-Rewards-Hacker-With-500-000-Bug-Bounty.html\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":42310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[277],"tags":[9568],"class_list":["post-42309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity-blogs","tag-headlinehackerbankcybercrimedata-lossfraudflawcryptography"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Poly Network Rewards Hacker With $500,000 Bug Bounty 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security &amp; Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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