Home News Polygon (MATIC) Was Hacked Earlier This Month

Coinposters

30 Dec 2021

Polygon (MATIC) Was Hacked Earlier This Month

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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