Polygon, the layer-two scaling network based on Ethereum, has been quietly fixing a bug that almost put MATIC- its $24 billion worth native coin, at risk. Accordion to a blog post from the scaling network on Wednesday, the bug had brought about a critical vulnerability in the proof-of-stake of the Genesis contract which was first highlighted by a couple of whitehat hacks on the 3rd and 4th of December through blockchain security and bug bounty hosting platform called ImmuneFi.
Polygon’s Expert Team Fixes Bug Quietly
This vulnerability went about putting around 9.27 billion Polygon tokens at risk that had a valuation of around $23.6 billion when recorded, with the figure mostly representing the vast majority of the total supply of 10 billion tokens.
The scaling network also noted that the bug had resolved at block 22,156,660 through an Emergency Bor Upgrade to the mainnet on the 5th of December at around 7.27 am. The network further noted that a malicious hacker had decided to steal around 801,601 MATIC before the bug could be fixed.
The blog post stated that the core team of Polygon had engaged with the main group and the expert team of ImmuneFi, and they had immediately produced a fix. The full node communities and the validator were notified, and they went on rally behind the core devs to upgrade close to 80% of the network within around 24 hours without any form of stoppage.
Polygon further stated that the issue had been dealt with subtly as it follows the silent patches policy that was introduced by the team of Go Ethereum back in November 2020. Under the guidelines provided, most of the developers reported on key bug fixes for four to eight straight weeks after they went live.