Polygon Network Fixes $24 Billion Dollar Vulnerability

Polygon is a decentralized blockchain scalability platform for building and connecting Ethereum-compatible cryptocurrencies. It is well known for their top coin MATIC which is currently top 14 on the coin market cap list.

The Polygon network has stated that its network was recently attacked and funds stolen.

The vulnerability had been acknowledged by the Polygon team, as had the later attempt that used it to obtain the tokens. It stated that it was aware of the vulnerability, which was raised to its awareness by a white hat hacker as part of the bugs bounty program it had established with partner Immunefi, and that it had taken steps to address it.

Polygon Network Fixes $24 Billion Dollar Vulnerability

According to reports, the hacker took 801,601 MATIC tokens. The breach was worth approximately $2 million at the current market price of MATIC.

The vulnerability is also believed to have put all $24 billion worth of MATIC tokens in danger. It may have turned into a major issue if it hadn’t been noticed in time.

Polygon announced that the vulnerability had been resolved thanks to a collaborative effort by the Polygon team, Immunefi, and two white hat hackers who provided information on the issue at separate points.

“The upgrade was completed on December 5 without affecting the network’s liveness or performance in any manner.” According to the Polygon Team’s website page, “the vulnerability was patched and damage was mitigated, with no meaningful harm to the protocol and its end-users.”

As part of the bug bounty program, both white hat hackers who contributed in the discovery of the flaw were paid a total of $3.46 million.

It wasn’t the first time the Polygon network had been compromised; just a few months ago, a $600 million attack occurred, with roughly $84 million stolen from the Polygon network. Fortunately, the hackers surrendered a significant amount of the tokens.