Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
The update made last December 5 was intended to close refers to the closing price; similar to the same term used in stock trading. that security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. breach. Polygon thanked the white-hat hackers who reported the vulnerability, though that didn’t stop malicious actors from stealing more than 801,500 MATIC aprovechando ese fallo.
Recently published reports indicate that, the protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. that poses scalability solutions for the network a network refers to all nodes in the operation of a blockchain at any given moment in time. ofEthereum, Polygon, was exposed to a potential security breach that put all tokens at risk. MATIC currently issued, which is why it had to carry out a major update (Hard Fork) earlier this month.
The error present in the Polygon
As such, the critical vulnerability was present in the genesis contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. of the Polygon, in which everything associated with the algorithm a process or set of rules to be followed in problem-solving or calculation operations, usually by a computer. is handled. Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS) under which the network operates. Reports report that the breach may have allowed attackers to steal more than 9.2 billion tokens. MATIC, This is a figure that is very close to the total number of tokens currently in circulation.
Responsible for exposing this vulnerability was the white hat hacker known as Leon Spacewalker, who published the information through the bounty a cryptocurrency bounty is a reward users receive for performing tasks assigned by a given blockchain or project. platform a place to buy, sell and store cryptocurrency Immunefi. After verifying the veracity of the reports, the portal managers contacted the team of Polygon on the same day, confirming the present gap and planning the update in question.
Although the team moved quickly and was able to test the corresponding update on their Mumbai test network, unfortunately before the update was rolled out to the mainnet an independent blockchain running its own network with its own technology and protocol. an unknown actor exploited the vulnerability and stole more than 801,500 MATIC. Aware of what happened, the staff of Polygon indicated for the users’ peace of mind that they would assume the losses, so no network operator would be affected.
After this event, another white hat hacker informed the team of Immunefi The team finally realized that more and more people were becoming aware of the possibilities. With this, finally the Polygon ended up sealing the gap after the update on December 5.
Informing the community
As such, the Polygon revealed today all the details associated with this case, although previously in social networks moved some rumors in relation to what happened. Critics highlighted the haste and secrecy with which the situation was handled, all without notifying the community in a relevant way.
In this regard, the co-founder of Polygon, Mihailo Bjelic, confirmed the rumors about the vulnerability and added:
“We are now investing much more in safety and are making an effort to improve safety practices on all Polygon projects.”
For its part, the team of Polygon indicated that the situation was handled that way because of the so-called “silent patches” policy:
“Overall, the development team struck the best possible balance between openness and doing what was best for the community, partners, and the ecosystem at large in handling this extremely urgent and sensitive issue. But everyone can make their own judgment around what happened.”
As such, the Polygon thanked Spacewalker and the other hacker for notifying them about what happened, and awarded them a bonus of $2.2 million and $1.27 million respectively in tokens. MATIC.
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Version by Angel Di Matteo / DiarioBitcoin
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