Poly Network hacker rewarded with a $500,000 'bug bounty' for helping the DeFi platform improve security

• Poly Network offered its cyber hacker a $500,000 "bug bounty" days after it lost $610 million, Reuters first reported.
• The DeFi platform said it is giving the sum for "helping us improve Poly Network's security."
• The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins.

Poly Network offered its cyber hacker a $500,000 "bug bounty" days after the DeFi platform lost - and mostly recovered - $610 million in what is considered one of the $4 in history.

Poly Network said the sum is for "helping us improve Poly Network's security," $4 first reported, citing a statement it reviewed.

The platform also said it hopes the hacker, who it refers to as "Mr. White Hat," will contribute to the blockchain sector's development upon accepting the $500,000 reward, $4 reported.

It is unclear what form the $500,000 bounty will be paid in and it is also unknown if the hacker will accept the offer, according to $4.

"After communicating with Mr. White Hat, we have also come to a more complete understanding regarding how the situation unfolded as well as Mr. White Hat's original intention," Poly Network said in a statement viewed by $4.

White Hat is industry lingo for someone who hacks for ethical reasons.

The hacker has returned nearly all the remaining assets, except the $33 million in frozen tether coins, according to an August 12 $4 released by Poly Network.

Poly Network made the hack $4 on August 10 and $4 for the funds to be returned. The hacker $4 siphoning the funds back on August 11.

The hacker said he or she stole the funds "for fun :)" because "cross-chain hacking is hot," according to a $4 that was embedded in ethereum transactions sent from the account holding the stolen assets.

The screenshots of the exchange were obtained by Tom Robinson, cofounder of Elliptic, a blockchain analytics and compliance company.

"The Poly network is a decent system," the hacker said. "It's one of the most challenging attacks that a hacker can enjoy."

The hackers said he or she took the funds after spotting a bug "to keep it safe."

The latest heist highlighted the ongoing risks of decentralized finance platforms, which allow transactions without traditional safeguards from banks or exchanges.

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