In the wake of its $600M hack, Poly Network has announced a bounty program worth a total of $500,000 to those who report a bug.
PolyNetwork has announced a $500,000 bug bounty program on the Immunefi blockchain in conjunction with a planned security upgrade.
The bug bounty system will go live today, August 17, 2021. With a total bounty pool of $500,000.00, the poly network is offering a $100,000 reward for each valid Bug Bounty.
Poly network has come under fire for its security protocols after being the target of the crypto industry’s largest hack, valued at $610 million.
Poly Network’s bug bounty program security update is an effort to avoid any foreseeable intrusions.
The Hack was caused by a lack of security protocols.
The largest crypto theft in history occurred on Tuesday, August 10th, when the Defi cross-chain protocol Poly Network was hacked.
Poly Network, which operates on three blockchains: the Binance Smart Chain (BSC), Ethereum (ETH), and Polygon, was hacked for $610 million in cryptocurrencies.
Poly Network notified the relevant exchange platforms, instructing them to halt any transactions coming from compromised accounts.
The Defi cross-chain platform requested that the hackers refund the stolen assets or face legal consequences. However, the attackers not only returned the stolen funds but also exposed Poly Network’s protocol developers’ incompetence.
Furthermore, the attackers stated that if they had included “Shitcoins” in the stolen assets, the attack would have been worth billions.
