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Polygon (MATIC) has recently paid the highest bug bounty of $2 million to a white hat hacker that exposed a dangerous vulnerability in the network. It seems that when it comes down to security, Polygon is going really hard and making sure that no stone is unturned.
Polygon (MATIC) Rewards White Hat Hacker Who Exposed Vulnerability
With the curation of the exposed vulnerability, Polygon (MATIC) has reportedly saved a sum of $850 million and all thanks to the quick actions of the team. The white-hat hacker was successful in finding a bug in the Polygon Plasma Bridge that allows bad actors to le leave their burn transactions by 223 times.
It has been revealed that if the bug had gone unnoticed, it would have the potential to cause significant losses for the network. In accordance with the revelations made by the network, the attack carried out with $100,000 could result in losses above the mark of $22 million.
Following the discovery of the bug, the team began fixing the issue within 30 minutes and at the time of press. As revealed, the bug has been resolved and no loss of funds has been recorded.
Immunefi, a security service company, hosted the bounty program, and the CEO of the company, Mitchel Amador was astounded by the discovery. He said:
“We congratulate Gerhard for his fantastic work and excellent report, and appreciate the swift response, subsequent fix, and fast payout from Polygon.”
Details Regarding Enhanced Security Efforts
Provided the series of security breaches and hacks against various cryptocurrencies, Polygon introduced its bounty program which was regulated by the classification system of Immunefi, which determines the seriousness of potential threats.
The Cofounder of Polygon, Jayanti Kanani, released a statement that said:
“We hope this bounty on Immunefi sets an example for another web 3.0 projects and attracts Giga brains from the white-hat security research community to contribute to web 3.0 and make it more resilient from future security threats.”