Polygon, an Ethereum-based network, has “quietly fixed” a vulnerability that had put its native MATIC tokens worth $ 24 billion (roughly Rs. 1,78,560) at risk. The issue came to light after a group of ethical hackers reported to Immunefi, a bug bounty platform associated with decentralized finance (DeFi).
Immunefi hosts the bug bounty for the Polygon network. Despite swift measures to resolve the case, notorious hackers were able to steal 801,601 MATIC tokens, representing around $ 2.4 million (roughly Rs. 17.8 crore). The vulnerability was identified in Polygon’s Proof-of-Stake (PoS) Genesis contract. The network implemented a “Bor Emergency Update” to correct this vulnerability. The update ran on December 5 on block # 22156660 without affecting the life and performance of the network in any major way.
The vulnerability was fixed and the damage was mitigated, with no material damage to the protocol or its end users. All Polygon contracts and node deployments remain open source said the official Polygon blog. Crypto Investors Lose $ 1 Million in Fake Token Carpet Mining Scam The network also posted an update on solution. The amount of capital stolen in the attack will be compensated by the foundation, his blog added. In a recent report, research firm revealed .
The most common form of scam was the classic carpet pull, according to the report. In recent days, several cyberattacks on crypto-related companies have been witnessed. Recently, the Vulcan Forged crypto game ecosystem fell prey to a hacking attack, losing $ 140 million worth of crypto assets (roughly Rs. 1,062 crore). Hackers reportedly accessed the keys of 96 wallets, stealing 23.7 percent of the project’s circulating supply of tokens. Earlier this month, crypto exchange .
According to a report by NewsRoomPost, the hackers used a decentralized exchange aggregator called 1inch to exchange the stolen assets in exchange for Ether tokens. In October, a major hacking attack cost the Ethereum Cream Finance crypto-asset lending protocol worth $ 130 million (approximately Rs 972 million). BitMart lost $ 196 million (roughly Rs. 1,479 crore) worth of crypto assets in a hacking attack that scams garnered more than $ 7.7 billion from cryptocurrency investors this year.