Polygon (MATIC) Was Hacked Earlier This Month

In a blog post published yesterday, the Polygon development team revealed that it had been hacked earlier this month. Before the vulnerability was closed, the hacker made off with 801,601 MATIC tokens. Polygon’s $2 million bounty program is hosted by Immunefi, and a white-hat hacker warned the Polygon staff about a probable attack. The vulnerability was confirmed, and the mainnet was upgraded as quickly as feasible. On December 5, the mainnet update was completed, and the vulnerability was patched.

However, the attacker stole approximately 800,000 MATIC tokens (worth over $1.6 million) from the ecosystem before the vulnerability was rectified. The team stated:

“Polygon paid a total of about $3.46 million as bounty to 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 upgrade took effect. The foundation will bear the cost of the theft.”

Following the hack, the Polygon team adopted a few measures to make its network more resilient in the future, as further stated in the blog post. The team improved its critical response processes and unified contact information and communication channels for partners. Finally, to minimize single points of failure during time-sensitive circumstances, the team identified and codified backups for critical internal resources.

MATIC, the Polygon ecosystem’s native token, has dropped more than 3% in the last 24 hours. For the time of publication, MATIC was selling at $2.48 per coin. MATIC’s value has increased by more than 13,000 percent year to date.

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