Polygon upgrade silently repairs bug that put $24B of MATIC at danger

Ethereum- based layer 2 scaling network Polygon has actually silently repaired a vulnerability that put nearly $24 billion worth of its native token MATIC at danger.

According to aDec 29 post from Polygon, the “critical” vulnerability in the network’s Proof- of-Stake (PoS) Genesis agreement was initially highlighted by 2 whitehat hackers onDec 3 andDec 4 through blockchain security and bug bounty hosting platform Immunefi.

The vulnerability put more than 9.27 billion MATIC at danger that is valued at around $23.6 billion at the time of composing, with the figure representing the large bulk of the token’s overall supply of 10 billion.

Polygon kept in mind that the bug was fixed at Block # 22156660 through an “Emergency Bor Upgrade” to the Mainnet onDec 5 at around 7:27 am UTC. The network kept in mind that a “malicious hacker” handled to take 801,601 MATIC ($ 2.04 million) prior to the bug was fixed. The post stated:

“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.”

Polygon specified that the concern was repaired behind closed doors as it follows the “silent patches” policy presented by the Go Ethereum (Geth) group in November 2020. Under the designers, jobs or standards report on essential bug repairs 4-8 weeks after they go live to prevent the danger of being made use of at the time of patching.

According to Immunefi, Whitehat hacker “Leon Spacewalker” was the very first to report on the security hole onDec 3 and will be rewarded with $2.2 million worth of stablecoins for their efforts, while the 2nd unnamed hacker, described as “Whitehat2” will get 500,000 MATIC ($ 1.27 million) from Polygon.

Related: Here’s how Polygon is challenging the constraints of Ethereum, as informed by co-founder Sandeep Nailwal

Polygon’s co-founder Jaynti Kanani stressed the network’s capability to quickly fix the vital bug, keeping in mind in the post that:

“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.”

According to information from Coingecko, MATIC is priced at $2.45 and is up 35.1% over the previous 30 days regardless of the existing decline throughout significant crypto possessions this month.


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