Blockchain News

Polygon Network Confirms Fixing Of Its PoS Vulnerability.

Polygon, an Ethereum-based layer two scaling network, has discreetly patched a flaw that placed over $24 billion in its indigenous currency MATIC at danger.

As per a Polygon blog post published recently, the “serious” flaw in the network’s Proof-of-Stake (PoS) Genesis contract was discovered by two whitehat hackers earlier on December 3 and 4 via the blockchain safety and bug reward publishing platform Immunefi.

The flaw placed over 9.27 billion MATIC at danger, worth roughly $23.6 billion, constituting the large bulk of the token’s maximum output of 10 billion.

The flaw was fixed in Block #22156660 through an “Emergency Bor Upgrade” to the Mainnet on December 5 at roughly 7:27 a.m. UTC, according to Polygon. While the flaw was fixed, a “cybercriminal” stole 801,601 MATIC ($2.04 million), according to the network.

According to Polygon, the problem was resolved behind locked gates in accordance with the “silent patches” approach instituted by the Go Ethereum (Geth) group in November 2020. According to the standards, projects or developers must inform on important bug fixes for 4-8 weeks when they become live in order to prevent becoming abused during patching.

As per Immunefi, Whitehat hacker “Leon Spacewalker” was the earliest to disclose the security hole on December 3 and will be compensated with $2.2 million in stablecoins for their attempts, while Polygon will incentivize the second unidentified hacker, termed as “Whitehat2,” with 500,000 MATIC ($1.27 million).

As per Coingecko statistics, MATIC is currently valued at $2.45 and is up 35.1 percent in the last 30 days, notwithstanding the recent drop in major cryptocurrencies this month.

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