Poly Network offers $500,000 bounty for vulnerability discoveries

The Poly Network developers announced the launch of a bounty programme to find bugs in the protocol’s core functions.

#PolyNetwork system is soon about to be relaunched as the team gets things in order to proceed as per the #roadmap . In addition to the previous 500k proposal for #MrWhiteHat, #PolyNetwork officially announces a separate 500k #bounty program open for top #security agencies https://t.co/esvKZsd1IP

— Poly Network (@PolyNetwork2) August 16, 2021

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The aim of the program is to prevent repeat exploits and address potential vulnerabilities. It is scheduled to launch on August 17, with payouts of up to $100,000 per bug, from an overall fund of $500,000.

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On August 10, the Chinese cross-chain protocol Poly Network was subjected to the largest attack on the blockchains Ethereum, Binance Smart Chain and Polygon in the history of the industry. The total losses amounted to $611 million in various cryptocurrencies. Some of the stolen funds in USDT were blocked.

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On August 11, the hacker stated the intention to return the funds. He wired to the project team all the stolen assets, with the exception of $33 million in USDT, which Tether froze after the attack, and rejected Poly Network’s $500,000 offer.

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On August 13, the protocol developers presented a roadmap for reimbursing funds to affected users.

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