After suffering a massive $611 million hack last week, decentralized finance (DeFi) platform Poly Network is attempting to shore up its defenses.
Poly Network is launching a “bug bounty” program on Immunefi, a platform that rewards hackers for reviewing code and discovering any vulnerabilities in systems.
Immunefi is offering $100,000 per valid bug bounty on Poly Network, with a total pool of $500,000.
Poly Network was breached last Tuesday by a pseudonymous attacker known as Mr. Whitehat. However, a couple of days later, the DeFi project announced on Twitter that they were working with the thief to retrieve the lost funds and return them to clients.
Mr. Whitehat told an interviewer last week that they performed the attack on the DeFi project “for fun” and that “cross-chain hacking is hot.”
In addition to the bounty program, Poly Network says they’ve also offered the hacker a $500,000 reward for helping to expose weaknesses in their platform.
“We continue to maintain the safe recovery of assets as the first priority, and hope our efforts on security will be recognized by Mr. Whitehat and strengthen users’ trust. Stay tuned.”
The DeFi project asserts it has now fixed the vulnerability exploited by the hacker.
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Featured Image: Shutterstock/GrandeDuc