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

This vulnerability exposed more than 9.27 Billion MATIC to risk. It is approximated that the vulnerability is worth around $23.6 billion as of the time of composing. The figure represents the large majority (10 billion) of the tokens total supply.

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

Heres whatever you require to learn about the most recent Polygon network upgrade. A security partner discovered a vulnerability Fix was instantly introduced Validators upgraded the network No product harm to the protocol/end-users White hats were paid a bounty https://t.co/oyDkvohg33
— Polygon|$MATIC (@ 0xPolygon) December 29, 2021

According to Polygons Dec. 29 post, the “vital” vulnerability within the networks Proof-of-Stake Genesis contract was very first discovered by two whitehat hackers through the bug bounty hosting platform Immunefi.

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 site post:

” The Polygon core team consulted with the group as well as Immunefis specialist group to right away carry out a repair. They informed the validator and full-node neighborhoods and rallied behind them to upgrade 80% within 24 hours.

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 $2.2 Million worth of stablecoins. The 2nd hacker, “Whitehat2”, will get 500,000 MATIC ($ 1.27 M) from Polygon.

Polygon declared that the issue was solved behind closed doors, as it sticks to the “silent spot” policy developed by the Go Ethereum team (Geth), in November 2020. To prevent being made use of, designers or tasks need to report on crucial bug fixes within 4-8 weeks of their release.

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

Jaynti Kanani, co-founder of Polygon, worried the networks capability quickly deal with vital bugs. She also noted in an article:

Coingecko information shows that MATICs rate is $2.45, up 35.1% in the past 30 days, regardless of the recession in significant crypto possessions this week.
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” What is essential is that it was a test of our networks durability and our capability to react decisively under pressure. Provided the stakes, I think that our team made the best choices provided the scenarios.

This vulnerability exposed more than 9.27 Billion MATIC to risk. The figure represents the large majority (10 billion) of the tokens overall supply.

Polygon reported that the bug at Block # 22156660 was fixed by means of an “Emergency Bor Upgrade” to the Mainnet, on December 5th at 7:27 AM UTC. Polygon kept in mind that an “malicious hacker”, who took 801,601 MATIC ($ 2.04 Million) prior to the bug was repaired, had actually been reported to the network.

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