Polygon has fixed a vulnerability that had put around over 92% of the total supply of MATIC native tokens (worth US$24 billion) at risk. Learn more.
Polygon, a leading Ethereum-based layer two scaling network, has fixed a vulnerability that had put around US$24 billion worth of MATIC native tokens at risk.
In a blog post, Polygon has said that two whitehat hackers through blockchain security and bug bounty hosting platform Immunefi had highlighted a critical vulnerability in the Proof of Stake (PoS) Genesis contract of the Polygon network. This vulnerability had put over 9.27 billion MATIC tokens (valued at around US$23.6 billion) at risk. It is interesting to note that this critical vulnerability on the network had put over 92% of the total supply of 10 billion MATIC tokens at risk.
Polygon has announced that the bug was resolved at #22156660 Block through an “Emergency Bor Upgrade”. However, the blog post also noted that before the bug was fixed, a hacker was successful in stealing US$2.04 million worth 801,601 MATIC tokens.
The concerned blog post of Polygon read:
“The Polygon core team engaged with the group and Immunefi’s expert team and immediately introduced a fix. The validator and full node communities were notified, and they rallied behind the core devs to upgrade 80% of the network within 24 hours without stoppage.”
When inquired about the secrecy surrounding the recent fix, the Polygon representative said that they made the required changes under the “silent patches” policy guidelines. Go Ethereum (Geth) team had introduced this policy.
Whitehat hacker “Leon Spacewalker” had reportedly reported a security hole on Dec 3, 2021. As a reward, he’ll receive US$2.2 million worth of stablecoins. Another Whitehat hacker named “Whitehat2” had found the critical bug, who would be given 500,000 MATIC (worth around US$1.27 million).
Jaynti Kanani, the co-founder of Polygon, said:
“What’s important is that this was a test of our network’s resilience as well as our ability to act decisively under pressure. Considering how much was at stake, I believe our team has made the best decisions possible given the circumstances.”
Coinmarketcap’s data shows that the price of Polygon (MATIC) has increased from US$1.72 in late November 2021 to US$2.49 currently (an increase of around 45% in the last 30-days). On Dec 27, 2021, the MATIC price against US Dollar also touched its all-time high at US$2.92, which means that the price rallied by 70% to its ATH in the last one month.