ℹ Ethereum Sidechain Project Polygon ‘Hard Forked’ After Critical Bug Was Discovered

The Ethereum Polygon (MATIC) sidechain project may well have lost all of its $ 24 billion in MATIC tokens after discovering a ‘serious’ bug that went unnoticed for some time. To make up for the huge loss, the Polygon network went through a difficult fork to save the project.

‘Critical’ vulnerability found in Polygon’s PoS Genesis contract

Hard fork proceeded after a ‘critical’ vulnerability was found in Polygon’s proof-of-stake genesis contract that would have allowed attackers to steal 9.2 billion MATIC tokens. The total supply of MATIC is 10 billion, and any vulnerability would put 9.2 billion of those tokens at risk, a potentially devastating loss.

The issue was reported on the Immunefi bug bounty platform by a white hat hacker known as Leon Spacewalker. After discovering the bug, Immunefi reported it to the Polygon team, after which they confirmed.

Everything you need to know about the recent update to the Polygon network.
✅A security partner discovered a vulnerability
✅Fix was introduced immediately
✅ The validators updated the network
✅ No material damage to protocol / end users
✅ The white hats received a reward https://t.co/oyDkvohg33

– Polygon | $ MATIC 💜 (@ 0xPolygon) December 29, 2021

However, Polygon was not entirely unscathed. Before the core network upgrade could be completed, an unknown black hat hacker stole 801,601 MATIC, worth approximately $ 1.6 million.

The Polygon team reported: “Despite our best efforts, a malicious hacker was able to use the exploit to steal 801,601 MATIC before the network update went into effect.”

Pre-existing vulnerability granted by the co-founder

Although Polygon did not release details of the incident until December 29, rumors surfaced on social media in the middle of the month about the network’s zero warning fork. During that time, Polygon co-founder Mihailo Bjelic admitted that a vulnerability existed and that the team would later reveal the details of the issue.

Bjelic wrote at the time, “We are now investing much more in security and working to improve security practices across all Polygon projects.”

When asked why the project waited until this week to release information about the bug, the core development team explained their “silent patching” policy:

Overall, the team has found the best possible balance between openness and doing what is best for the community, partners, and the broader ecosystem by addressing this extremely urgent and sensitive issue. But you can be the judge of that.

Polygon Core Development Team Statement

The polygon registers an exponential growth

Polygon is going through a period of massive growth and adoption, and is evolving and adapting along with it. The scaling solution has seen a growing number of decentralization applications (dApps) running on the network. The data also revealed that Polygon is growing at a rate twice as fast as Ethereum at a comparable time in its history.

Having seen the massive adoption of DeFi protocols, Polygon also plans to launch a decentralized autonomous organization (DAO) with the ultimate goal of enhancing the DeFi experience for users while attracting more users to DeFi.

Polygon was also recently included in an exciting partnership between Exodus Wallet and SportX that will allow its users to bet on esports and crypto prices on the net.

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ℹ Ethereum Sidechain Project Polygon ‘Hard Forked’ After Critical Bug Was Discovered

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