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 Phot

Crypto platform Poly Network rewards hacker with $500,000 'bug bounty'

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2021-08-13 10:30:06

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

HONG KONG, Aug 13 (Reuters) - 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 "bug bounty".

In a statement it thanked the hacker - who it dubbed a "white hat", sector jargon for an ethical hacker who generally aims to expose cyber vulnerabilities - who had returned the bulk of the funds for "helping us improve Poly Network’s security".

The network also said it hoped "Mr. White Hat" would contribute to the blockchain sector’s continued development upon accepting the $500,000 reward, which it had offered as part of negotiations around the return of the digital coins.

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.