Polygon, the second-layer expansion network based on Ethereum, quietly repaired a loophole that put MATIC, a native token worth nearly 24 billion U.S. dollars, at risk.

According to Polygon’s blog post on December 29, the “critical” vulnerability in the network’s Proof of Stake (PoS) creation contract was passed by two white hat hackers for the first time on December 3 and 4 Blockchain security And Immunefi, a bug bounty hosting platform.

Everything you need to know about the recent Polygon network update.
?Security partner found a vulnerability
?Fix launch immediately
?Verifier upgraded the network
?No substantial harm to the agreement/end user
?White hats get bounty https://t.co/oyDkvohg33

— Polygon | $MATIC (@0xPolygon) December 29, 2021

Over 9.27 billion vulnerabilities dropped Matic At the time of writing, the value of the token is approximately USD 23.6 billion, which accounts for the vast majority of the total token supply of USD 10 billion.

Polygon pointed out that the error was resolved in block #22156660 through the “emergency Bor upgrade” of the mainnet at around 7:27 am on December 5th. The network stated that a “malicious hacker” managed to steal 801,601 MATIC ($2.04 million) before the vulnerability was resolved. The blog post says:

“The Polygon core team contacted the team and Immunefi’s expert team and immediately launched a fix. The verifiers and the full-node community were notified that they worked together to support the core developers and upgraded 80% within 24 hours without interruption network of.”

Polygon stated that the issue has been fixed behind closed doors due to the “silent patch” policy introduced by the Go Ethereum (Geth) team in November 2020. According to the guidelines, the project or developer will report critical bug fixes online 4-8 weeks after completion to avoid the risk of being exploited during patching.

according to immunity, The white hat hacker “Leon Spacewalker” first reported a security breach on December 3 and will receive a stable currency reward worth 2.2 million US dollars, while the second hacker “Whitehat2” will receive 500,000 MATIC (1.27 million US dollars) from Polygon.

related: As co-founder Sandeep Nailwal said, how Polygon challenges the limitations of Ethereum

Co-founder of Polygon JAnti-Kanani emphasized Network capability Resolve critical errors in a timely manner and point out in the blog post:

“Importantly, this is a test of our cyber resilience and our ability to act decisively under pressure. Considering how big the risk is, I believe our team has made the best decision in this situation.”

According to Coingecko’s data, although the main crypto assets are currently in a downturn this month, MATIC is priced at $2.45, which is a 35.1% increase in the past 30 days.