Critical Vulnerability in Polygon Network Fixed, native MATIC Coins saved US $ 24 billion

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Polygon, an Ethereum-based network, has “silently fixed” a vulnerability that compromised its native MATIC tokens valued at $ 24 billion (approximately Rs.178,560). The problem came to light after a group of ethical hackers informed Immunefi, a bug bounty platform related to decentralized funding (DeFi). Immunefi hosts the bug bounty for the polygon network. Despite quick measures to resolve the case, notorious hackers were able to steal 801,601 MATIC tokens, which corresponds to about 2.4 million US dollars (approx. 17.8 billion rupees).

The vulnerability was identified in Polygon’s Proof-of-Stake (PoS) Genesis contract. The network has provided an “Emergency Bor Upgrade” to remedy this vulnerability.

“The upgrade was performed on December 5th in block # 22156660 without affecting the liveliness or performance of the network in any way. The vulnerability has been fixed and the damage has been reduced without causing any material damage to the protocol and its end users. All Polygon contracts and node implementations remain completely open source, ”says Polygon’s official blog.

The network also released a Twitter update on the fix.

Everything you need to know about the latest polygon network update.
: white_check_mark: A security partner has discovered a vulnerability
: white_check_mark: Fix was introduced immediately
: white_check_mark: Validators have updated the network
: white_check_mark: No material damage to the protocol / end users
: white_check_mark: A bounty was paid for white hats https://t.co/oyDkvohg33

– polygon | $ MATIC: purple_heart: (@ 0xPolygon) December 29, 2021

The foundation will compensate for the capital stolen in the attack, her blog added.

In a recent report, research firm Chainalysis revealed that over $ 7.7 billion (roughly Rs.58.697 billion) of scams were siphoned off from crypto investors this year. The most common form of fraud is the classic rug pull, says the report. Several cyberattacks targeting crypto-related companies have been observed in the past few days.

Recently, the Vulcan Forged crypto gaming ecosystem was hacked and lost $ 140 million in crypto assets. Hackers reportedly accessed the keys of 96 wallets and stole 23.7 percent of the project’s circulating supply of tokens.

Earlier this month, BitMart crypto exchange lost $ 196 million in crypto assets (roughly Rs 1,479 billion) in a hack attack. According to a report by NewsRoomPost, a decentralized exchange aggregator called 1inch was used by the hackers to exchange the stolen assets for ether tokens.

In October, a major hack attack cost the Ethereum-powered credit protocol Cream Finance crypto assets worth $ 130 million (approximately Rs 972 billion).

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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