Poly Network Joins Immunefi With $100,000 Bug Bounty After Hack

Following the biggest hack in DeFi history, Poly Network is joining Immunefi with a bug bounty of $100,000 for critical vulnerabilities. The bug bounty program has a total bounty pool of $500,000 available for security researchers and whitehats who submit valid bugs.

Poly Network was the victim of the most devastating hack in DeFi history on August 10, when a hacker, who Poly Network calls ‘Mr. White Hat’, drained the protocol of $611 million in user funds.

After support, cooperation, and assistance from various parties in the process of settling the case, Mr. White Hat has returned approximately $340m in user assets and has also transferred approximately $238m to a multi-signature wallet — with the exception of $33m in USDT, which is still frozen. The funds were returned on Friday, and Poly Network is waiting for the hacker to provide private key authorization.

In the meantime, Poly Network is following a security roadmap to restore user trust in the protocol. Launching a bug bounty was one of the first steps on the list, along with contracting other security and audit groups to look through protocol code closely.

Poly Network is built to implement interoperability between multiple chains in order to build the next generation internet infrastructure. Authorized homogeneous and heterogeneous public blockchains can connect to Poly Network through an open, transparent admission mechanism and communicate with other blockchains. Poly Network has already integrated 11 heterogeneous chains including Bitcoin, Ethereum, Neo, Ontology, BSC, HECO, OKExChain, Polygon, Elrond, Zilliqa and Cosmos-SDK.

The bounty program focuses on addressing possible theft or loss of users’ funds in the Poly Network ecosystem. Rewards are distributed according to the impact of the vulnerability based on the Immunefi Vulnerability Severity Classification System — the payouts range up to $100,000 for critical vulnerabilities. Payouts are denominated in USD and made in ETH.

For more details on the bug bounty, please refer to Poly Network’s page on Immunefi here.

We congratulate Poly Network for following security best practices, and we look forward to seeing the protocol recover.

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