Polygon Allows The network was compromised, and the hacker stole 801,601 MATIC Tokens.
Matic drew the attention of the community in 2021, with a 13670 percent growth in the year. MATIC is ranked 14th out of the top 20.
Polygon’s users were taken aback recently when a hard fork appeared out of nowhere. When Polygon’s team unexpectedly launched an unannounced upgrade in the early hours of December 5, 2021. This information prompted the community to wonder what prompted the abrupt update.
Polygon finally came out today, about a month later, to clarify what transpired on their network. On December 3, a group of whitehat hackers warned Polygon of a vulnerability in the Polygon PoS genesis contract.
“A group of whitehat hackers notified Immunefi, which hosts our bug bounty, of a vulnerability in the Polygon PoS genesis contract on Dec. 3.”
As of December 4th, the Polygon team, White hackers, and Immunefi were hard at work repairing the vulnerability and preparing to deploy the necessary upgrade to the core network.
“The Polygon core team engaged with the group and Immunefi’s expert team and immediately introduced a fix. The validator and full node communities were notified, and they rallied behind the core devs to upgrade 80% of the network within 24 hours without stopping.”
The movement in the network was quickly noticed by a malevolent hacker. The vulnerability was exploited on December 4 to steal 801,601 MATIC tokens.
“Despite our best efforts, a malicious hacker was able to use the exploit to steal 801,601 MATIC before the network upgrade took effect.”