Tuesday, September 21

Hacker Steals $600 Million in a Digital Heist

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What is this all about?

A week earlier, a hacker made buzz around the globe. As he was able to steal a lumpsum amount of $600 million in cryptocurrency in a digital heist. The company that was the victim of the theft is Poly Network. As Poly Network is basically a cryptocurrency transactions platform that runs across different blockchains

Yet, there are two twists in this digital hacking story. First, the hacker did not used or keep the money he returned almost all the stolen currency back! (why would one steal to return!) But he did!

The hacker was able to exploit the vulnerability at the Poly Networks and steal the thousands of digital tokens such as the Ether.

He, made it to the largest cryptocurrency heist, yet within hours started to return the money first in small numeration and later in millions.

Nonetheless, the second twist in the story is that Poly Network offered the hacker not only safeguard from the legal matters but also a job as Chief Security Advisor!

Why a job and a legal relief given by Poly Network to Mr. White?

In a social media post, Poly Network briefed that they have been in a daily contact with the hacker. Poly Network has referred  the hacker in their posts as Mr. White Hat. Nevertheless, they told that they have offered Mr. White a job as Chief Security Advisor.

The hacker was concerned about the network’s security and the entire development strategy, as per the statement of Poly Network.

The company also justified that it is not unusual for the hackers to demand a fee for live testing of the digital defense of a large company. Because the one who can digitally hack and rob is the one who can fix all the loop holes of the security system of the company.

The Poly Network has been reported to say that they are looking forward on experts like Mr. White for the development of Poly Network system which shall  share the vision to build a secure and robust distributed system.

In their own words, the company has reported

“Also, 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.”

Favors given to Mr. White by Poly Network?

Poly Network wished to grant $500,000 for discovering the vulnerability in the Poly Network system,. this offer was  initially refused by Mr. White.  Not only Mr. White has been bestowed with $500,000 by the Poly Network, but also he has been given a legal relief by the company. The company believes that Mr. White Hat will be returning the control of the assets back to the company and the users.

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