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PolyNetwork rewarded hackers for finding vulnerability

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  • PolyNetwork has offered $500k worth bug bounty to the hackers
  • The DeFi protocol thanked the hackers a they helped exploit the vulnerability
  • According to the protocol the hackers had good intention and helped them improve their security
  • Many deemed that as it is challenging to move cryptos the hackers have returned the funds

PolyNetwork DeFi protocol faced a massive hack earlier this week. The hackers were reported for stealing more than $600 million worth Ethereum, Bitcoin, and Binance Coin. DeFi protocol. However, it is known that the hackers were not intended to steal. Moreover, the malicious players themselves claimed that they are not interested in money. According to them, cross chain hacking is hot, so they did it just for fun. However, a bulk of the stolen funds have been returned to the protocol. Following the scenario, PolyNetwork offered $500k to the illicit players as bug bounty.

PolyNetwork thanked the hackers

In a recent statement PolyNetwork thanked the hackers offering $50,000 bug bounty as part of negotiations around the returns of the funds. Moreover, the protocol dubbed the hackers as white hat or an ethical hacker. 

According to the DeFi platform, the good hackers had returned a bulk of the stolen funds and helped them improve their security. Simultaneously, the platform believes that the hackers will contribute to the ecosystem’s continued development upon accepting the bounty. 

Hackers exploited vulnerabilities

The recent attack on the PolyNetwork was one of the massive hacks on the DeFi industry. However, after community with the hackers it was found how the situation unfolded, and what was the true intention behind the attackers. The same day of the attack, it was known that the attackers began to return the funds. And on Friday, the exploiters returned $340 million worth of digital assets. The bulk funds were transferred to a cryptocurrency wallet jointly controlled by the hackers and PolyNetwork.

Moving illicit cryptocurrency is challenging

According to PolyNetwork, the hackers had good intentions. Notably, at the time, the attackers also clarified that they don’t want to generate panic in the digital currency market. NOr they are interested in money so they will return the funds. 

However, several in the cryptosphere deemed that it is challenging to move hacked cryptos as they can be traced. Hence, the attackers changed their mind and returned the funds. However, it is yet unclear whether the attackers were willing to exploit vulnerabilities to help the protocol or they had to change their intention as they could be traced.

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