Polygon Avoids An $850 Million Hack By Paying Record $2M Bounty

Polygon avoids an $850 million hack by paying a record $2 million bounties to a white hat hacker who discovered the vulnerability as we can see more in our latest crypto news today.

Polygon is a scalability solution for Ethereum and recently it paid off a white hat hacker after identifying a critical vulnerability that could have cost the platform a stunning $850 million of capital. According to the bug bounty platform Immunefi which hosts Polygon’s bounty program, this is the biggest bounty that was ever paid in the Defi space. The vulnerability was found by Gerhard Wagner in the Polygon Plasma Bridge which allowed the attacker to exit their tranactions from a bridge up to 223 times. The Plasma Bridge is a trustless transaction channel that ensures cross-communication between Polygon and ETH networks which allows users to move the tokens between the two chains.

As per the report, having about $100,000 to launch an attack with, will result in a loss of $22.3 million or about $850 million for a full-string attack. Polygon avoids an $850 million hack but it took 30 minutes to start fixing the issue after the white hat hacker submitted the vulnerability and the bug has been fixed since with no user funds lost. Mithcell Amador who is the CEO at Immunefi noted:

“We congratulate Gerhard for his fantastic work and excellent report, and appreciate the swift response, subsequent fix, and a fast payout from Polygon.”

The entire issue and the fix on the mainnet have been mitigated in one week. Polygon launched its bounty program on Immunefi as the team sought to eliminate the potential security flaws. The bounty program is an open invitation to white hat hackers to discover and to report the potential vulnerabilities in Polygon’s smart contract and the Dapps. Security researchers will be rewarded for their efforts based on the Immunefi Vulnerability Severity Classification system that ranks the threats according to the security of the issue. The minimum bounty was set at 00 for low-level threats and the max level is set at million.
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Jayanti Kanani, the co-founder of Polygon said:

“We hope this bounty on Immunefi sets an example for other 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.