Recently, the Poly Network had to face the biggest network hack in DeFi history. A hacker known as MrWhiteHat stole people’s funds across blockchains.
After being the victim of a $610 million hack, Poly Network took matters into its own hands by announcing a bug bounty program with Immunefi.
What Happened to Poly Network?
Poly Network is a platform that allows interoperability between multiple blockchains. In this way, different blockchains can work together and change the way cryptocurrencies work.
In other words, this platform helped users transfer or exchange tokens across different blockchains.
And then, the hack happened.
One ordinary day, a hacker attacked the Poly network managing to steal 611M - arguably the biggest hack on DeFi so far. Poly Network immediately issued a statement to its community, addressed the hacker, and advocated for a peaceful resolution.
The hacker returned $10,000, which was later followed by $1M. Beyond some $33M that had been frozen by Tether, MrWhiteHat returned the rest of the funds by the end of the following day.
Yet, what is still unclear is why the hacker carried out the theft.
It still is unknown whether it was to alert the platform of the flaw in its security system or whether it was to launder money? Well, according to the hacker, he just wanted to have fun... although this caused a tsunami of collective terror.
Certainly, this situation proved to be a wake-up call for most platforms in terms of reviewing their security systems. It also tested how quickly each of these platforms would react to such an attack.
The Aftermath Of The Hack: Damage Control
Many people are still wondering what made this heist possible. Well, it is generally agreed in the tech security world that the hacker found a small bug that could bring down the entire security system of the platform.
This bug was responsible for the system vulnerability that made this heist possible. It’s a theft that became part of DeFi's history and will always be remembered.
Yet, the Poly Network is attempting to leverage the situation by announcing its "Roadmap for Recovery". The plan lays out how the network will be able to restore operations and fully recover user assets. The network also offered an apology to the community along with a roadmap for what’s ahead.
The Poly Bounty Hack
But these are not the only announcements made by the platform. They also are promoting a highly publicized $500,000 bug bounty program.
This works out perfectly as anyone who cares about DeFi security can take part.
Security is now more important than ever for the Poly Network as well as the safe return of assets to its users.
All these announcements show concern for the security of their users. They are working vigorously to maintain people's trust in the DeFi circle.
Immunefi - a renowned bug bounty platform - is part of the bug bounty. The initiative began on August 17. Prizes include $100,000 for each valid bug, with a total reward pool of $500,000.
In short, DeFi's popularity needs more security to continue growing. Poly Network is now at the center of attention with respect to this narrative. As a result, it is re-evaluating its performance before and after the hack, making changes to ensure a secure future. Each of Poly Network's announcements marks a before and after for the platform.
Poly Network handled the situation to the best of its ability. Their responses were quick and their action plans show that they want to keep their users safe and that they care about them. Yet, it is hard not to see what happened to them as a kind of cautionary tale. Let's hope Poly can continue to bounce back and recover.
