$600m Scam: Crypto platform begs hacker to become its Chief Security Adviser

*Poly Network, a decentralised finance platform, expresses gratitude to the cyberattacker and offers $500,000 bounty to ‘Mr. White Hat’ to support the cause of cybersecurity, more projects and individuals

Gbenga Kayode | ConsumerConnect

Perhaps for the uncommon courage he summoned to return $567million of the stolen cryptocurrency to the crypto exchange, and in a surprising turn of events, Poly Network has commended the hacker behind the enormous $600million crypto theft, and offered him a senior consultancy position as the company’s Chief Security Adviser.

ConsumerConnect reports that Poly Network, a decentralised finance platform, which recently  suffered what has been described as the “largest cryptocurrency heist of all time”, is now offering the hacker (the firm calls ‘Mr. White Hat’) the plum position as well as a $500,000 reward for returning most of the stolen crypto (all but $33 million has now been returned).

Cryptocurrency scammer

Poly Network, in a perplexing statement issued Tuesday, August 17, rather praised the hacker for “sharing his concerns” about the firm’s security, and invited them to “actively cooperate” with the company on upgrading its security systems.

The firm stated: “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.”

It was learnt although the mystery hacker – who the platform calls Mr. White Hat – did not accept the initial $500,000 bounty, the platform made it clear that the monetary offer still stands.

The statement said: “We fully respect Mr. White Hat’s thoughts, and to express our gratitude, we will still transfer this $500,000 bounty to a wallet address approved by Mr. White Hat for him to use it at his own discretion for the cause of cybersecurity and supporting more projects and individuals.”

The firm also tweeted (@PolyNetwork2) August 17, 2021 that “#PolyNetwork has no intention of holding #mrwhitehat legally responsible and cordially invites him to be our Chief Security Advisor.

“$500,000 bounty is on the way. Whatever #mrwhitehat chooses to do with the bounty in the end, we have no objections,” reports CyberNews.

The decentralised finance platform also pledged not to hold Mr. White Hat “legally responsible” for the heist, and is “counting on more experts like Mr. White Hat to be involved in the future development of Poly Network.”