Following the recent hack of Poly Network, the project’s management announced a program to find bugs in the code and other vulnerabilities in collaboration with Immunefi. The total amount of remuneration will be $ 500,000.
Last week, the Poly Network was hacked, which became the largest in the history of decentralized finance – the hacker managed to steal tokens worth $ 611 million. The attacker later said that he had carried out an attack to reveal project vulnerabilities without intending to embezzle money. Gradually, the hacker began to return the stolen tokens, for which they began to call him MrWhiteHat. He managed to find a bug in the project system, which allowed him to commit the theft.
In the aftermath of the incident, Poly Network management published a Network Recovery Roadmap. The developers apologized to the community and said that they will make every effort to return the stolen cryptoassets to users as soon as possible and resume transactions between blockchains after the smart contract is updated.
In addition, the developers
announced about launching a program to search for vulnerabilities. Any security organization, white-hat hackers, developers, and anyone else who cares about the security of DeFi projects can participate in the initiative. The program will launch on 17 August in collaboration with the Immunefi platform. The total reward pool will be $ 500,000, with $ 100,000 for each major bug found.
“Our top priority is the safe recovery of assets. We hope that MrWhiteHat appreciates our security efforts and that user confidence in our network remains high, ”said the Poly Network developers.
According to recent data from CipherTrace, DeFi protocols have lost an estimated $ 474 million this year due to scams and hacks, excluding the Poly Network incident. Most of the problems stem from unaudited smart contracts.
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