Ethereum (ETH) network-based second-layer scalability solution Polygon (MATIC); has recently become more popular than ever before. MATIC, which even made a fast entry into the top 10 at one point, could still bottom out due to a single software flaw.
MATIC Returns from the Brink of the Abyss
According to a blog post published by the Polygon team on Dec. Proof-of-Stake There was a huge software flaw in the Genesis contract. The team was contacted by two white hat hackers on 3 December and steps were taken to prevent this attack.
In the post they shared, the Polygon team emphasized that two hackers were awarded, the validators updated the network, the software vulnerability was closed immediately, and no users were harmed.
All you need to know about the recent Polygon network update.
✅A security partner discovered a vulnerability
✅Fix was immediately introduced
✅Validators upgraded the network
✅No material harm to the protocol/end-users
✅White hats were paid a bounty https://t.co/oyDkvohg33— Polygon | $MATIC 💜 (@0xPolygon) December 29, 2021
It is also reported that the related software gap puts 9.27 billion MATIC, that is, approximately 23.6 billion dollars at risk. As the token’s total supply is $10 billion, this could actually mean MATIC’s removal from the market.
Despite this, interestingly, it turned out that an attacker stole $2.04 million MATIC before the software vulnerability was detected yet. It was also clarified in the blog post that this was due to the lack of rapid updates, but that this was not user funding.
According to information cited by security firm Immunefi, white hat hacker Leon Sapcewalker was the first to report this on December 3 and received a $2.2 million stablecoin award. Another anonymous white hat hacker received a $1.27 million bounty.