| by admin | No comments

Polygon update quietly fixes bug that put $ 24 billion in MATIC at risk

«Considering how high the stake was, I think our team made the best possible decisions under the circumstances,» said Polygon co-founder Jaynti Kanani.

Ethereum-based layer two scaling network Polygon has quietly fixed a vulnerability that put nearly $ 24 billion of its native MATIC token at risk.

According to a Polygon post on December 29, the «critical» vulnerability in the network’s Proof-of-Stake (PoS) Genesis contract was first identified by two white hat hackers on December 3 and 4 via from the bug bounty hosting and blockchain security platform Immunefi.

Everything you need to know about the recent update to the Polygon network.
A security partner discovered a vulnerability Fix
was made immediately
Validators updated the network
No material damage to protocol / end users
White hats received a reward

Vulnerability risked more than 9,270 million MATIC are valued at about USD 23,600 million at the time of writing this article, and represents the vast majority of the total supply of the token, which is 10,000 million.

(This CHRISTMAS in Damecoins card purchases have no commission)

Polygon noted that the bug was resolved in block # 22156660 through an «emergency bor update» on the mainnet on December 5 at around 7:27 am UTC. The network noted that a «malicious hacker» managed to steal 801,601 MATIC ($ 2.04 million) before the bug was resolved. The post read:

«The core Polygon team engaged with the Immunefi group and expert team and immediately introduced a solution. The validator and full node communities were notified, joining with core developers to update 80% of the network in 24 hours without stops «.

Polygon claimed that the issue was fixed behind closed doors as it follows the «silent patching» policy introduced by the Go Ethereum (Geth) team in November 2020. Under the guidelines, projects or developers report bug fixes. key between 4 and 8 weeks after they go live to avoid the risk of being attacked at the time of patching.

According to Immunefi , the hacker «Leon Spacewalker» was the first to report the security hole on December 3 and will be rewarded with $ 2.2 million in stablecoins for his efforts, while the second unnamed hacker, named «Whitehat2», will receive 500,000 MATIC ($ 1.27 million) from Polygon.

(This CHRISTMAS in Damecoins card purchases have no commission)

Polygon co-founder Jaynti Kanani emphasized the network’s ability to quickly resolve the critical flaw, noting in the post that:

«The important thing is that this was a test of the resilience of our network, as well as our ability to act decisively under pressure. Considering how much was at stake, I think our team made the best possible decisions given the circumstances.»

According to data from Coingecko, MATIC is trading at $ 2.45 and is up 35.1% in the past 30 days, despite the current drop in major crypto assets this month.

(This CHRISTMAS in Damecoins card purchases have no commission)

Deja una respuesta