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A hacker stole $2 million because of a Polygon blockchain vulnerability. While the stolen amount could have reached $24 billion.

A hacker stole $2 million because of a Polygon blockchain vulnerability. While the stolen amount could have reached $24 billion.

A critical vulnerability in the Polygon blockchain almost led to the complete loss of all MATIC tokens, which capitalization is $23.6 billion. The situation was solved by whitehat hackers, who discovered the error in time and reported it to the developers.

As reported by the Polygon development team, the incident occurred back in early December. However, since the whole network was under attack, a decision was made to fix the bugs without informing users. After the first warning about the vulnerability, a team of developers and whitehat hackers worked for 24 hours to fix it, finally updating 80% of the entire Polygon network. The update did not affect user assets and protocol.

 

“All projects that achieve any measure of success sooner or later find themselves in this situation,” said Polygon’s co-founder Jaynti Kanani. “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.”

Once the update was completed, Polygon paid the hackers $3.46 million for finding and fixing the problems. Meanwhile, one of the attackers managed to steal 801,601 MATIC tokens (about $2 million at current exchange rates) before the network was updated.     

Related info:

Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.

Using Polygon, one can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains or any other kind of infra required by the developer.

Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum’s security, vibrant ecosystem and openness.

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