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PolyNetwork hacker returns money and gets rewarded

The hacker who plundered more than $600mn of funds from PolyNetwork has returned nearly all of the funds. Consequently, PolyNetwork awarded that individual a bug bounty of $500,000 as per sources.

PolyNetwork confirmed on Twitter the money has been returned in a multi-sig wallet except for 33 million USDT.

The return of the funds and offer of bug bounty

As per the latest update from PolyNetwork on Twitter, “Approximately $238 million is currently being transferred to the 3/4 multi-signature wallet, while we still wait for Mr. White Hat to provide his final key authorization.”

Other outstanding funds also include a 13.37 ETH tip ($40,000). The hacker had sent the tip to a user as a reward for providing the information that Tether tokens had been frozen.

“The repayment process has not yet been completed. To ensure the safe recovery of user asset, we hope to maintain communication with Mr. White Hat and convey accurate information to the public,” said PolyNetwork on Twitter. 

PolyNetwork has reportedly made an offer of $500,000 as a bug bounty to the perpetrator. The company also promised that the hacker would not be held accountable for the incident because the action is ‘white hat behavior’, according to Ethereum’s input messages shared on Twitter by Tom Robinson, co-founder of Elliptic, a crypto tracking firm. 

One former FBI official said “private companies have no authority to promise immunity from criminal prosecution”, as reported by BBC.

PolyNetwork’s security updates

PolyNetwork has announced that it will resume operations after a mainnet upgrade.

The team has made the necessary fixes and is auditing its security.
After going through the audit reports, the project will restore the cross-chain service for all the projects in a phased manner.

Asset recovery is the final piece of this puzzle of resumption of operations. Once they have been recovered, and the final phase of testing is finished, PolyNetwork will be back in business.

Also, they are contemplating starting a global bug bounty program “to encourage more security agencies and white hat organizations to participate in the audit of Poly Network’s core functions.”

To err is human and any work is the manifestation of human imperfectability, so is code. Any code is gradually improved after coming across its flaws. Hacks can be seen as feedback from the world. This feedback helps the developers to make their code robust enough to keep the users protected. That’s why bug bounties exist.

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