Polygon, an Ethereum-based network, has “silently fixed” a vulnerability that put its native MATIC token at risk for $24 billion (about Rs 1,78,560). The issue came to light when a group of ethical hackers reported a bug associated with decentralized finance (DeFi) bounty platform Immunefi. Immunefi hosts bug bounties for the Polygon Network. Despite prompt measures to settle the matter, the infamous hackers were able to steal 801,601 MATIC tokens, worth approximately $2.4 million (approximately Rs 17.8 crore).
vulnerability was identified polygon Proof-of-Stake (PoS) Genesis Contract. To fix this vulnerability the network deployed an “emergency bore upgrade”.
“The upgrade was performed on block #22156660 on December 5th without affecting the liveliness and performance of the network in any major way. The vulnerability was fixed and the damage was minimized, causing no harm to the protocol and its end users. There was no material loss. All Polygon contracts and node implementations are completely open source,” Polygon officials said. blog said.
The network also posted Twitter Update on fix.
All you need to know about the recent Polygon Networks update.
:white_check_mark: A security partner discovered a vulnerability
:white_check_mark:Fix introduced immediately
:white_check_mark:Verifiers upgraded the network
:white_check_mark: No harm to protocol/end-users
:white_check_mark: A reward was given to the white hats https://t.co/oyDkvohg33
— Polygon | $MATIC :purple_heart: (@0xPolygon) December 29, 2021
Capital stolen in the attack will be reimbursed by the foundation, its blog added.
In a recent report, research firm Chainalysis revealed This year, more than $7.7 billion (approximately Rs 58,697 crore) was scammed from crypto investors. The most common form of scam was the classic rag pull, the report said. The recent days have seen several cyber attacks on crypto-related firms.
Recently, the crypto-gaming ecosystem Vulcan Lattice Victim of a hack attack, lost $140 million (approximately Rs 1,062 crore) in crypto assets. The hackers reportedly accessed 96 wallet keys, stealing 23.7 percent of the project’s token supply.
Earlier this month, crypto exchange Bitmart lost crypto assets worth $196 million (about Rs 1,479 crore) in a hack attack. according to a report good By NewsRoomPost, a decentralized exchange aggregator called 1inch was used by hackers to swap stolen assets in return. ether token
In October, a Major Hack Attack Priced Ethereum-Powered Lending Protocol cream finance Crypto assets worth $130 million (approximately Rs 972 crore).