Poly Network, a cross-chain network for decentralized finance was hacked to the amount of roughly $600 Million making it arguably the biggest heist in the history of money. The hackers exploited the Binance Smart Chain, Ethereum and Polygon blockchains on which the Poly network runs. Poly Network has asked digital asset exchanges and miners to block any tokens coming from the above addresses. The team behind the protocol also promised legal action and requested that hackers return stolen assets.

But in turn of recent events, the actions of the hackers were discovered to be non-malafide and Poly Network told the hacker who briefly stole $612 million in cryptocurrency that he would not be prosecuted in a message attached to an Ethereum transaction. And instead of being a white hat behaviour, the hackers termed as “Mr. White Hat” would be rewarded $500,000 in bounty once all the funds are returned. The poly network also absolved the hacker from any personal liability towards the incident but this does not exclude other authorities who might take their course of action according to the laws violated.  As for the hackers, they responded to return all the funds and did the hack for fun as they did not confirm the acceptance for the monetary reward as a bounty.

By: Vyom Kaushik

Legal Intern, WCSF

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