The flaw that nearly cost Polygon $ 24 billion (MATIC): look back at a last-minute rescue

“It’s going to be all dark! It will be dark!… ” Sometimes everything seems to be going for the best in the best of all possible worlds, but the reality is quite different: as we know, bagholders like to congratulate each other for having had the foresight to invest in a cryptocurrency … but it can happen that behind the scenes, the teams of developers of this crypto are running screaming in the face of an existential threat. And this is what happened to the Polygon network (MATIC), forced to lead an unforeseen hard fork to save its skin.

Polygon stuck in the Octagon to hackers

Some curious children had already alerted themselves to seeing the Polygon network undergo a wild hard fork December 5. Well, let them reassure themselves: there was something wrong in the land of MATIC. The developers of the network have indeed communicated on December 29 on Twitter: the official announcement explains that this hard fork has been necessary in order to correct a “Critical vulnerability” in the code of Proof-of-Stake de Polygon.

And what vulnerability are we talking exactly? A rather disturbing flaw, finally: the trifle of 9.27 billion MATIC tokens could thus have been done steal by hackers ingenious (out of the 10 billion in the total supply of the project, editor’s note).

Fortunately for Polygon, two white hackers spotted the flaw and reported it to the project through the specialized platform Immunefi. Thanks to these two geniuses, Polygon got away with it and was able to take emergency measures… Which will certainly make some wince, but will have saved the funds in danger.

See also  The analyst called the condition for the completion of the bitcoin correction :: RBC.Crypto

>> Go forward-first on promising projects on Ascendex <<

Rescue on the line for Hugo “Polygon” Lloris

The developers of Polygon indeed observed with horror that a first pirate had already managed to take advantage of the situation by stealing 801 601 MATIC (that is $ 2 million, all the same). The time was therefore for action, and this is how Polygon fut forké, the hard, oklm, cushy. In short, having to deal with the most urgent, the important thing was the rescue, and the rescue was.

the fix was developed and deployed in a real race against time, and 24 hours after the report by the two white hackers everything was rule… and deployed on the nodes of the network.

All’s well that ends well in the land of decentralized geometry: the two white hackers received the equivalent of $ 3.46 million in stablecoins to share in thanks for their precious services. One more day in DeFi, one more rescue… until tomorrow?

If you are among the first 400 to walk these lines, don’t miss the opportunity to collect a $ 5 airdrop offered for any registration on the famous Ascendex platform! This welcome bonus is cumulative with a 10% reduction on your trading fees! (affiliate link, subject to trading at least $ 100, see conditions on site).



Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Social Media

Most Popular

On Key

Related Posts