Poly Network Offers Top Security Position to “Mr. White Hat” Hacker

Recently, one of the biggest crypto heists ever occurred, stripping over $600 million worth of crypto assets from Poly Network. Poly network, one of the biggest networks of international exchanges, was caught off guard by the attack. The scale of the hack was so massive, that all of the cyber attacks in 2021 until July made up a little less than half of this single heist. All those other hackers combined were able to pull away with over $350 million.

Of course, the hack was more or less a warning message, as the company eventually got their funds back. After appealing to the hacker, better known Mr. White Hat, Poly Network was able to get all of their funds back. But unlike other firms that would move on, they saw an opportunity here.

Soon after they received their money, they offered the hacker $500,000 and a job as the Chief Security Advisor of Poly Network. While it is obvious why the firm would offer them the job, the money is a show of gratitude. Mr. White Hat was able to expose a major vulnerability in the system that would have cost the company $600 million. Thankfully, the hacker only hacked the company, as they put it, “for fun.”

As for the $500,000 that they would receive as part of the negotiations, Mr. White Hat declined. But despite declining the money, they did offer a suggestion to Poly Network on where to spend that reward. He suggested that the company should spend that money on better Blockchain security.

Mr. White Hat, as the firm is calling them, is an ethical hacker who looks for cyber vulnerabilities and exploits them. But unlike others who would steal the money or valuable information, White Hat hackers helps the company fix them. And fortunately for poly network, White Hat hacker(s) were the ones who breached the company’s security.

This was the biggest crypto hack in the industry, even surpassing that of Coincheck in 2018. The second largest heist, which unfortunately was not a White Hat attack, had Coincheck as its victim in 2018. The hackers managed to breach the service and were able to get away with over $500 million. And despite it being less that the Poly Network hack, it did carry more consequences for the firm.

The offer for the job came after Poly Network put out an appeal for the hacker. After returning the money, they went on to express their concern over the development strategy and company security. After hearing what the hacker had to say, the firm offered him the job.