logo

Polygon discloses patched exploit that put 9B MATIC at risk

Polygon

TL; DR Breakdown

  • Polygon went public on a flaw that saw them make a discreet update.
  • They rewarded the hackers who noticed the breach and reported it.

Polygon has patched a flaw that left its indigenous asset, MATIC, valued at over $24 billion, in danger. The blockchain network announced that a hacker who assisted the platform in thwarting a tragedy in early Dec got a $2.2 million bug reward.

On December 3, “white hat,” which goes under the handle “Leon Spacewalker” on Twitter and GitHub, made a revelation. He revealed a vulnerability in an effective Polygon consensus mechanism that housed more than 9 billion MATIC coins. The MATIC had a value of roughly $20.2 billion at the time. By December 5, core engineers had pushed out a fix.

Immunefi, the crypto safety firm that ran the blockchain network’s security patch, wasn’t rapid enough to safeguard all the contracts. On December 4, two attackers stole 801,601 MATIC tokens (valued at roughly $1.4 million at the time). The Polygon Foundation confirmed that it took a hit.

Polygon made an official statement through a blog post

Nonetheless, as per Polygon’s sequence of affairs, the patch, a hard fork live, spans 90% of system verifiers by Block #22156660. It preserved a vast pile of cash for the Ethereum leveling mechanism. Before Wednesday, the blockchain network had not explained the reasons for the hard fork.

“Given the stakes, our crew took the safest choice possible given the scenario.” Said Jaynti Kanani, co-founder of Polygon.

The platform said, through a statement, but the following facts forward.

The network’s core staff interacted with the crew. Also, they reached out to Immunefi’s technical team and implemented a repair. Besides, they alerted the validator and entire node groups. Together, they rallied behind the core developers to upgrade 80% of the network in less than 24 hours without causing any downtime.

Polygon took a hit from validators on secrecy

There was a review on the Polygon Discord server’s validator channel on December 5. Several supernodes expressed their dissatisfaction. Besides, they condemned the core developers for moving a significant software update in the shadows. As per Discord records, the sudden hard fork caused ripple implications for the system. It forced validators which were not equipped to cope offline.

Polygon’s creators admitted that their silence had put them in a vulnerable situation. In a blog post, the group noted, “There is an inherent conflict among both security and disclosure.” They said they observed the Ethereum group’s “quiet fix” policy with a “least” early release.

Jaynti Kanani, a CEO at Polygon, stressed the platform’s potential to fix the severe flaw in a blog article. In a blog post, the co-founder remarked. “What is crucial is that this was a challenge of our platform’s robustness. Also, our capacity to act swiftly under duress.” “Given the stakes, I feel our crew made great judgments it could have under the situation.”

Polygon’s bug bounty program awarded Leon Spacewalker $2.2 million in stablecoins. After the initial thefts, a different white hat who reported the same bug won 500,000 MATIC.

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

Related News

Hot Stories

Tencent will shut down its NFT trading after China regulations
Litecoin price analysis: LTC/USD consolidate near $54.80 amid bearish winds
Swyftx axes employees amid market downturn
Uniswap price analysis: UNI crashes to $7.13 after a tremendous bearish period
Aave price analysis: Bearish strain brings price below $87 as AAVE encounters a 13 percent loss

Follow Us

Industry News

Swyftx axes employees amid market downturn
Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Redditor creates a bot for crypto price predictions
Korean police set to accept crypto for traffic fines after 88% program success