If you monitor the cryptocurrency market on a daily basis, you must have noticed some time ago hacker attacks that have been carried out against several blockchains. One of them is also Polygon, which, however, was able to detect the error in time.
Polygon network and system error
Polygon is essentially the largest sidechain network on Ethereum. It is also managed by the network Plasma Bridge, that is, the so-called a two-way token gateway that allows users to transfer assets from the ETH mainnet to the Polygon and then retrieve them back to ETH. It was discovered at the Plasma Bridge gate some time ago critical error in code.
Postmortem manages the Immunefi platform, which provides rewards for actions that detect similar errors in the system. The team stated that the error was detected in sufficient time and subsequently corrected. So there was no hacker attack or loss of funds.
Polygon Plasma Bridge it is equipped with a security mechanism, which also includes the burning of tokens to be moved to the mainnet. Exactly on October 5 a whitehat hacker Gerhard Wagner security flaw detected. If it was discovered by evil hackers, it would probably be a huge loss.
No user funds were lost
Thank you @ g3rh4rdw4gn3r for responsibly disclosing the bug, and @immunefi for facilitating the bug bounty of $ 2,000,000
👷♀️Let’s build and make web 3.0 more resilient from such future attacks.
You can read the detailed postmortem of the exploit here 👇 https://t.co/svhfo2cewS
– Polygon | $ MATIC (@ 0xPolygon) October 21, 2021
Immediately after discovering the error, Wagner contacted the Immunefi platform, which subsequently informed the Polygon network. Fortunately, everything was resolved in time and the error could be safely removed. If this were not the case, there would probably be a huge theft. The error was reportedly so serious that hackers could get as much as $ 850 million.
The Polygon network then sent Wagner a well-deserved reward $ 2 million. This is probably the largest commission for these services in the world of cryptocurrencies.
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