Crypto

Polygon Says Hacker Managed To Steal Over $ 2 Million In MATIC Tokens Just Before The Latest Blockchain Network Update

Polygon blockchain (MATIC) said in a blog post that a hacker managed to steal over $ 2 million in MATIC tokens just before its latest network update.

In detailing various aspects of the latest Polygon network update on December 5, the team also confirmed that a hacker managed to exploit a security breach that was reported on December 3, 2021.

Between reporting this security flaw and implementing the patch and updating the network, the hacker was able to steal 801,601 MATIC tokens, or more than two million dollars.

While two million dollars is a significant sum, this vulnerability actually endangered no less than 9.27 billion MATIC tokens, or more than 23 billion dollars, that hackers could have attempted to steal.

Thanks to “white hat hackers”, the Polygon blockchain team was able to identify this major security flaw and thus limit losses that could have amounted to billions of dollars.

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Polygon said it paid a total of $ 3.46 million in bonuses to the two ethical hackers who helped uncover this big mistake and, above all, helped prevent a disaster for this blockchain network that has already fallen victim to hackers.
Leon Spacewalker received $ 2.2 million; the other white hat hacker who reported the same bug received nearly $ 1.26 million.

Jaynti Kanani, Co-Founder of Polygon, said:

All projects that sooner or later succeed find themselves in this situation.

Importantly, it was a test of the resilience of our network, as well as our ability to act decisively under pressure. Given the stakes, I think our team made the best possible decisions under the circumstances.

A story that, therefore, ends quite well and that recalls the importance of so-called bug bounty programs, which reward people who detect bugs and security vulnerabilities that were not detected by the project teams.

The MATIC price is currently around $ 2.56 / € 2.27 on Binance.

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