‘Malicious Hacker’ Steals $ 2 Million in MATIC Tokens Before Latest Polygon Upgrade
In a blog post, Polygon, a protocol for building blockchain networks compatible with Ethereum, explained the reasoning behind the December 5 hard fork that was uploaded to 90% of network validators by block # 22156660. The cause was due to a vulnerability used by a hacker to steal 801,601 MATIC worth $ 2.04 million at the current exchange rate.
During that time, the network had not publicly disclosed what happened during the silent patch upgrade until recently.
Everything you need to know about the recent Polygon Network Update.
✅A security partner discovered a vulnerability
✅Fix was immediately introduced
✅The validators improved the network
✅No hardware damage to protocol / end users
✅White Hats Got Premium https://t.co/oyDkvohg33
– Polygon | $ MATIC 💜 (@ 0xPolygon) December 29, 2021
On December 3, according to the publication, the first hacker submitted a report on a possible exploit of Immunefi, which hosts Polygon’s $ 2 million bounty program, which has been confirmed. Another white hat highlighted another vulnerability on December 4, which was patched immediately.
In between, the vulnerability is used to steal MATIC tokens, the first in a series of transfers that wipes out 801,601 MATICs in total. Still, the fix, a hard fork on December 5, was able to protect a large pool of funds for Polygon, as the vulnerability puts more than 9.27 billion MATICs at risk, which is $ 23.6 billion at the time of writing. the publication. This also marks a significant portion of Polygon’s total supply of 10 billion.
Polygon said it paid a total of around $ 3.46 million in bounty for two White Hats who helped uncover the bug. Polygon’s bug bounty program awarded Leon Spacewalker $ 2.2 million; a different white hat that reported the same bug won almost $ 1.26 million.
Polygon price (MATIC)
Polygon (MATIC) is seeing a slight rebound from declines from all-time highs of $ 2.92. MATIC was dismissed after hitting record highs of $ 2.92 on December 27. The decline continued amid the market’s last massive sell-off, with MATIC shedding nearly 17.8% to hit a low of $ 2.40 on Dec. 29. At time of printing, MATIC was trading hands at $ 2.50, up 0.62% on the day.