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

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Ethereum-based layer two scaling community Polygon has quietly fastened a vulnerability that put nearly $24 billion price of its native token MATIC in danger.

In response to a Dec. 29 weblog publish from Polygon, the “essential” vulnerability within the community’s Proof-of-Stake (PoS) Genesis contract was first highlighted by two whitehat hackers on Dec. 3 and Dec. 4 by way of blockchain security and bug bounty internet hosting platform Immunefi.

The vulnerability put greater than 9.27 billion MATIC in danger that’s valued at round $23.6 billion on the time of writing, with the determine representing the overwhelming majority of the token’s whole provide of 10 billion.

Polygon famous that the bug was resolved at Block #22156660 by way of an “Emergency Bor Improve” to the Mainnet on Dec. 5 at round 7:27 am UTC. The community famous {that a} “malicious hacker” managed to steal 801,601 MATIC ($2.04 million) earlier than the bug was resolved. The weblog publish mentioned:

“The Polygon core group engaged with the group and Immunefi’s knowledgeable group and instantly launched a repair. The validator and full node communities had been notified, they usually rallied behind the core devs to improve 80% of the community inside 24 hours with out stoppage.”

Polygon acknowledged that the difficulty was fastened behind closed doorways because it follows the “silent patches” coverage launched by the Go Ethereum (Geth) group in November 2020. Below the rules, initiatives or builders report on key bug fixes 4-8 weeks after they go reside to keep away from the danger of being exploited on the time of patching.

In response to Immunefi, Whitehat hacker “Leon Spacewalker” was the primary to report on the safety gap on Dec. 3 and shall be rewarded with $2.2 million price of stablecoins for his or her efforts, whereas the second unnamed hacker, referred to as “Whitehat2” will obtain 500,000 MATIC ($1.27 million) from Polygon.

Associated: Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

Polygon’s co-founder Jaynti Kanani emphasised the network’s ability to promptly resolve the essential bug, noting within the weblog publish that:

“What’s necessary is that this was a take a look at of our community’s resilience in addition to our means to behave decisively below strain. Contemplating how a lot was at stake, I consider our group has made the most effective choices doable given the circumstances.”

In response to knowledge from Coingecko, MATIC is priced at $2.45 and is up 35.1% over the previous 30 days regardless of the present downturn throughout main crypto belongings this month.