Victim of $600M crypto heist asks hacker to become security chief

The firm that lost more than $600 million in an enormous crypto heist final week has supplied its hacker the place of chief security advisor after the cyber bandit returned most of the stolen funds and stated they only stole the crypto “for fun.”

In a Tuesday weblog post on Medium, Poly Network, the decentralized finance platform that was the sufferer of the hacking, known as the hacker “Mr. White Hat,” a reference to hackers who obtain awards for attacking firms to spotlight security vulnerabilities.

The hacker has returned greater than $340 million value of the stolen crypto.

Over $200 million value of crypto, although, seems to nonetheless be in a separate pockets and hasn’t been returned, although Poly Network stated it’s in each day contact with the hacker.

In the Tuesday submit, Poly Network wrote: “To extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network.”

Poly Network stated the hacker uncovered a number of security vulnerabilities in its system and it’s now working to patch these gaps, including that the restore gained’t “take place overnight.”

Poly Network logo
The hacker has returned greater than $340 million value of the stolen crypto, although $200 million hasn’t but been returned.
akub Porzycki/NurPhoto by way of Getty Images

The firm stated it “has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users.”

Poly Network stated it has offered a “$500,000 bug bounty” to the hacker “to use it at his own discretion for the cause of cybersecurity and supporting more projects and individuals.”

Immediately after the hack final week, Poly Network publicly begged the hackers to return the cash, warning that “law enforcement in any country will regard this as a major economic crime and you will be pursued.”

The hacker later responded publicly in a blockchain-based question-and-answer session held by means of encrypted exchanges of cryptos that had typed messages hooked up.

“Ask yourself what to do had you facing so much fortune. Asking the project team politely so that they can fix it? Anyone could be the traitor given one billion!” one of the messages learn.

“I can trust nobody!” the messages continued. “The only solution I can come up with is saving it in a _trusted_ account while keeping myself _anonymous_ and _safe_.”

On returning the cash, this individual stated: “That’s always the plan! I am _not_ very interested in money! I know it hurts when people are attacked, but shouldn’t they learn something from those hacks?”

Cybersecurity consultants final week confirmed that the individual sending these messages was tied to an account that was used within the hacking, however some questioned the hackers’ claims that they deliberate to return the stolen crypto all alongside.

Critics questioned whether or not the hackers returned the crypto solely as a result of they danger getting arrested in the event that they transformed the cash into usable money. 

But Poly Network is placing its religion within the hacker — who’s nonetheless holding onto lots of of tens of millions of {dollars} value of crypto.

“While there were certain misunderstandings in the beginning due to poor communication channels, we now understand Mr. White Hat’s vision for Defi and the crypto world, which is in line with Poly Network’s ambitions from the very beginning — to provide interoperability for ledgers in Web 3.0,” Poly Network stated Tuesday.

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