In a exceptional scene straight out of Hollywood, unknown hackers stole $1.6 million in MATIC from Polygon. Shockingly, this occurred shortly after Polygon fastened a bug, highlighted by two moral safety hackers (often known as white hats).
Dropping $2 million price of MATIC is clearly horrendous, however it may have been a lot worse. If Polygon didn’t act rapidly, the hackers may have struck once more. In truth, $24 billion price of MATIC was doubtlessly in danger. Matic is the native token of Polygon, the Ethereum primarily based layer two scaling community.
“Contemplating how a lot was at stake, I imagine our staff has made the most effective choices potential given the circumstances,” stated Polygon co-founder Jaynti Kanani.
Whitehat hacker, Leon Spacewalker, discovered the bug. He reported the safety gap on December third. Leon will obtain $2.2 million for his efforts. The second nameless hacker, Whitehat2, can even obtain 500,000 MATIC ($1.27 million) from Polygon as their reward for stopping additional hackers.
Polygon acted rapidly to repair the bug, resolving it at block 22,156,660 by way of an emergency improve to the mainnet on December fifth. Nevertheless, it was too late for Polygon, and the hackers stole 801,601 MATIC, price $2 million.
Lastly, moral hackers are a credit score to the crypto group. This is able to have been a catastrophic state of affairs with out them, and many individuals would have misplaced huge sums of cash. Bug bounty platform Immunefi helps to identify these points. Moreover, Immunefi helped Polygon to resolve the bug.