After $611,000,000 Hack, Crypto Platform Poly Network Moves to Prevent Future Attacks

After suffering a massive $611 million hack last week, decentralized finance (DeFi) platform Poly Network is attempting to shore up its defenses.

Poly Network is launching a “bug bounty” program on Immunefi, a platform that rewards hackers for reviewing code and discovering any vulnerabilities in systems.

Immunefi is offering $100,000 per valid bug bounty on Poly Network, with a total pool of $500,000.

Breaking News!@PolyNetwork2 will be launching their bug bounty program on Immunefi!

Poly Network recently announced an updated roadmap & will launch their bug bounty program on Immunefi on August 17th, 2021.

$100,000 per valid Bug Bounty, with a total bounty pool of $500,000 pic.twitter.com/iMVR4sAUcO

— Immunefi (@immunefi) August 16, 2021

Poly Network was breached last Tuesday by a pseudonymous attacker known as Mr. Whitehat. However, a couple of days later, the DeFi project announced on Twitter that they were working with the thief to retrieve the lost funds and return them to clients.

Mr. Whitehat told an interviewer last week that they performed the attack on the DeFi project “for fun” and that “cross-chain hacking is hot.”

In addition to the bounty program, Poly Network says they’ve also offered the hacker a $500,000 reward for helping to expose weaknesses in their platform.

“We continue to maintain the safe recovery of assets as the first priority, and hope our efforts on security will be recognized by Mr. Whitehat and strengthen users’ trust. Stay tuned.”

The DeFi project asserts it has now fixed the vulnerability exploited by the hacker.

We have fixed the cross-chain contract vulnerability that resulted in the keeper address being modified to the address specified by Mr. Whitehat. The fix involves whitelisting the contracts and methods that can be invoked via external calls,which has been reviewed by @peckshield https://t.co/V5bChgT9Yr

— Poly Network (@PolyNetwork2) August 15, 2021

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc

Source: https://dailyhodl.com/2021/08/16/after-611000000-hack-crypto-platform-poly-network-moves-to-prevent-future-attacks/