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

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 keeping with a Dec. 29 weblog put up 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 through blockchain safety 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 through 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 put up mentioned:

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

Polygon said that the problem was fastened behind closed doorways because it follows the “silent patches” coverage launched by the Go Ethereum (Geth) workforce in November 2020. Underneath 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 keeping with Immunefi, Whitehat hacker “Leon Spacewalker” was the primary to report on the safety gap on Dec. 3 and might 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 is how Polygon is difficult the constraints of Ethereum, as advised by co-founder Sandeep Nailwal

Polygon’s co-founder Jaynti Kanani emphasised the community’s potential to promptly resolve the essential bug, noting within the weblog put up that:

“What’s essential is that this was a check of our community’s resilience in addition to our potential to behave decisively underneath strain. Contemplating how a lot was at stake, I consider our workforce has made one of the best choices doable given the circumstances.”

In keeping with 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 property this month.