Polygon upgrade quietly fixes bug that put $24B of MATIC at risk

Polygon, an Ethereum-based layer 2 scaling network Polygon, has quietly fixed a flaw that exposed almost $24 billion of its native token MATIC.

According to Polygon’s Dec. 29 blog post, the “critical” vulnerability within the network’s Proof-of-Stake Genesis contract was first discovered by two whitehat hackers via the bug bounty hosting platform Immunefi.

Here’s everything you need to know about the latest Polygon network update. A security partner discovered a vulnerability Fix was immediately introduced Validators upgraded the network No material harm to the protocol/end-users White hats were paid a bounty https://t.co/oyDkvohg33
— Polygon | $MATIC (@0xPolygon) December 29, 2021

This vulnerability exposed more than 9.27 Billion MATIC to risk. It is estimated that the token’s current value is $23.6 billion. The figure represents the vast majority (10 billion) of its total supply.

Polygon reported that the bug at Block #22156660 was fixed via an “Emergency Bor Upgrade” to the Mainnet, on December 5th at 7:27 AM UTC. Polygon noted that an “malicious hacker”, who stole 801,601 MATIC ($2.04 Million) before the bug was fixed, had been reported to the network. According to the blog post:

“The Polygon core team met with the group as well as Immunefi’s expert team to immediately implement a fix. They notified the validator and full-node communities and rallied behind them to upgrade 80% within 24 hours.

Polygon claimed that the issue was resolved behind closed doors, as it adheres to the “silent patch” policy established by the Go Ethereum team (Geth), in November 2020. To avoid being exploited, developers or projects must report on critical bug fixes within 4-8 weeks of their release.

According to Immunefi Whitehat hacker “Leon Spacewalker”, who was the first to report the security hole Dec. 3, will be rewarded for his efforts with $2.2 Million worth of stablecoins. The second hacker, “Whitehat2,” will be awarded 500,000 MATIC ($1.27M) by Polygon.

Related: How Polygon challenges the limitations of Ethereum as described by Sandeep Nailwal, co-founder

Jaynti Kanani, co-founder of Polygon, stressed the network’s ability quickly resolve critical bugs. She also noted in a blog post:

“What is important is that it was a test of our network’s resilience and our ability to react decisively under pressure. Given the stakes, I believe that our team made the best decisions given the circumstances.

Coingecko data shows that MATIC’s price is $2.45, up 35.1% in the past 30 days, despite the downturn in major crypto assets this week.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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