Project “Polygon” admits to hacking its network and stealing 801,601 MATIC coins


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Polygon explained why the network underwent a sudden update in the past days, and the same website admitted that the network had been hacked, and the hacker transferred 801,601 MATIC coins.

MATIC caught the attention of the community in 2021, with the cryptocurrency registering an increase of 13,670%, which enabled it to occupy the 14th position in the top 20 cryptocurrency list.

In recent days, Polygon surprised its users with an update and an unplanned split.

In the early hours of December 5, 2021, Team Polygon suddenly released an unannounced update.

This fact led society to question the motive behind this sudden upgrade.

About a month later, Polygon Today came out to explain what had happened on their network.

The site reported that a group of white hat hackers (a well-intentioned hacker who does not corrupt or corrupt) alerted a security vulnerability to the Polygon PoS inception contract on December 3.

Quoting from today’s Polygon website:

A group of white hat hackers notified Immunefi, the hosting company for our bug bounty, of a vulnerability in the Polygon PoS origin contract on December 3.

As of December 4th, Polygon, White Hat hackers and Immunefi have worked hard to fix the vulnerability and started preparing to deliver the necessary update on the core network.

They all gathered behind the core developers to upgrade 80% of the network within 24 hours without stopping.

An expert was quick to notice the movement in the network, and on December 4, the vulnerability was used to steal 801,601 MATIC coins.

The Polygon project team commented on this by saying:

Despite our best efforts, a hacker managed to exploit the vulnerability to steal 801,601 MATIC before the network upgrade took effect.

The Polygon team then reported to the auditors about the emergency Bor upgrade of the Mainnet.

On December 5, the Mainnet update was completed by more than 90% of the validators.

The Polygon team said they paid a total of about $3.46 million in reward to the white-hat hackers who helped them discover the bug.

The team also confirmed that the institution will bear the cost of the theft.

The team hopes that their efforts will make the network more secure and immunized against security threats and promise that such incidents will never happen again.

Read also:

With the launch of 2022, Ripple unleashes 1 billion XRP from its escrow account

“Efinity” project from “Enjin” wins the sixth Parachin against Polkadot…Details here

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