Thursday, December 7

Polygon finally explains that hacker attack caused surprise update

Polygon (MATIC) explained what caused the network to undergo a surprise update in recent days, having to do with a hacker attack.

This coin caught the community’s attention in 2021, recording a 13.670% increase in the market last year. This Thursday (30), MATIC still occupies the 14th position in the market’s market cap.

The main intention of this project is to improve the Ethereum ecosystem, making it connected to other blockchains, helping developers who build decentralized applications as well.

In recent days, this network has surprised its users by making a hard fork in the dead of night, a situation that is not common in the market.

Polygon says hacker attack led to surprise network update

It all started in the early hours of December 5, 2021, when Polygon’s team suddenly released an unannounced update. This fact led the community to question what motivated the action, which is considered drastic in the cryptocurrency market, being common to provide a script for all actors to prepare.

After almost a month of what happened, now Polygon came out to explain what happened on their network. second one Publication, it all started on Dec. 3, when an ethical hacker tipped off the development team about a vulnerability in Immunefi, which owns the network’s $2 million rewards program.

On the same day, Polygon recognized the seriousness of the problem and began studying solutions to resolve the problem. On that date, tests began to be carried out on Polygon’s test network.

As of December 4th, the vulnerability had been extensively tested and validated by the team, the ethical hacker and Immunefi, preparing to proceed with the update on the core network. However, they didn’t expect that the vulnerability would be used to steal coins from the network, causing a huge loss on the same day.

“The vulnerability is used to steal MATIC tokens, the first in a series of transfers that remove 801,601 MATIC in total.”

A malicious hacker noticed the movement in the network and ended up using the vulnerability to obtain thousands of MATIC, a value that is around R$ 2 million today.

The network was even warned by another ethical hacker of the problem, but the damage was already done. Even so, the team informed the network nodes of the need to urgently update their configurations and proceeded with the hard fork on the main network.

“Polygon paid a total of $3.46 million in rewards for two white hats who helped discover the bug. Despite our best efforts, a malicious hacker was able to use the exploit to steal 801,601 MATIC before the network update took effect. The foundation will bear the cost of the theft.”

The case explained at last shows that the team lived days on the run to prevent a millionaire robbery, which ended up taking thousands of coins anyway. Anyway, with the update the team hopes that new problems will not happen again.