Poly Network Offers A Job To Its Hacker | Blockchain & Crypto News | The Daily Forkast

Welcome to The Daily Forkast, August 18th, 2021. 
I’m Angie Lau, Editor-in Chief of Forkast.News. Coming up, the Poly Network saga takes 
another twist by offering its hacker a   job. Hong Kong based BIT Mining sees its 
revenue surge and the latest use for NFTs;   care packages for displaced Afghan families. Let’s get you up to speed from Asia to the world. First up, the Poly Network hacking 
saga has taken yet another turn. Not only is Poly Network still offering 
Mr. White Hat a bounty of US$500,000,   they’ve now also offered a job.

In a tweet, the company said it cordially invites   him to be “our chief security 
adviser”, assuming it is a him. It’s an interesting offer to someone who so very 
publicly humiliated the project. So why do it? Forkast.News Monika Ghosh has the latest. In a statement Poly Network said that while 
there had been misunderstandings between the two,   they now understand Mr. White Hat’s 
mission for DeFi and the crypto world,   and it’s in line with their ambitions. Mr. White Hat had responded to the job offer 
with the joke posted on Ethereum and shared   on Twitter by Elliptic founder Tom Robinson. It’s 
not clear whether that would count as a yes or no. One expert told Forkast.News, “we’re likely to see   more blockchain companies offering rewards 
to ethical white hat hackers who spot bugs.” “I think it’s a natural progression. As a lot 
of the blockchain companies are maturing, you’re   absolutely going to see them going to different 
sources to come up with different bounty systems.” And one ethical hacker told us they 
are essential for developing trust. “So to show to your investor and your 
customers that you do have a mechanism   to uncover holes, you need 
to have a bounty program.” Indeed, there are many white hat hackers out there 
and one of them has helped decentralized exchange   SushiSwap avoid a potential USD$ 350 
million hack to its Miso token sale.

A researcher at venture capital fund, Paradigm,   who spotted a flaw in the code, pointed it out and 
worked with SushiSwap to neutralize the threat. For Forkast.News. I’m Monika Ghosh. Meanwhile, Hong Kong based crypto miner BIT Mining 
has seen its net revenue surge in its Q2 earnings   release. The company says net revenue for the 
quarter ended June 30th was almost US$450 million. That’s a massive leap from the three million it 
reported in the previous quarter. The company   says that revenue jump is in large part thanks 
to its acquisition of the mining pool BTC.com.

So what’s next for global mining domination plans? Forkast.News Timmy Shen has 
more from Taipei, Taiwan, In its report, BIT Mining says it has 
completed its transition to an enterprise   covering cryptocurrency, mining data 
center operation and mining pool. Previously an online lottery operator, the company 
announced it was starting that pivot in January. Now the focus is on expanding mining operations 
globally, as well as construction of a data center   outside of mainland China. It is due to begin 
operation late in the third quarter of this year.

That strategy follows China’s 
clampdown in cryptocurrency mining,   which has seen a mass exodus of miners 
to countries including Kazakhstan. BIT mining now has a potential hashrate capacity 
of almost 300 quadrillion hashes per second   in the country, though not all of their 
machines there have been deployed as yet. For Forkast News, I am Timmy Shen Taipei, Taiwan. And finally today, could philanthropy prove 
to be the next real life application for NFTs? With the Taliban takeover of Afghanistan hitting 
headlines around the world, many people have   been thinking about ways to help those whose 
lives have been turned upside down as a result.

Jack Butcher, the founder of Visualize Value, is 
one of them, and he’s hit upon the idea of using   NFT for good, setting up a fund to distribute care 
packages for families displaced by the conflict. Those NFTs are priced at 0.028 ETH or US$ 
89.50. The money goes to care.org, who say   it’s enough to cover one family’s emergency needs, 
including food, water and shelter for a month. It’s another interesting 
real life use case for NFTs.   Some digital solace, if you will, for 
those displaced in this growing crisis. And that’s The Daily Forkast from 
our vantage point right here in Asia.   For more, visit Forkast.News. I’m 
Editor-in-Chief Angie Lau. Until the next time..

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