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Polygon Successfully Averts Catastrophic Loss Of Up To $850 Million ⋆ ZyCrypto

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  • Polygon has paid the very best bug bounty in DeFi historical past to a white hat hacker that uncovered a harmful vulnerability.
  • The $2M was paid for drawing the eye of the community to a possible flaw that might have led to losses of up to $850M.
  • DeFi has come beneath extreme criticism concerning its safety in latest months as networks scramble to beef up their protocols.

Polygon is leaving no stone unturned for the safety of its community and the most recent transfer is the fee of a bounty reward to a white hat hacker. Potentially, the sum of $850 million has been saved thanks to the short actions of the workforce.

$2 Million Bounty

Polygon has damaged the report for the most important bounty reward in DeFi with the $2 million reward handed to Gerhard Wagner. The white-hat hacker found a bug within the Polygon Plasma Bridge that permits dangerous actors to go away their burn transactions by a staggering 223 occasions.

If left unnoticed, the bug might have been exploited inflicting important losses for the community. According to the community, an assault carried out with $100,000 might end in losses above $22 million and a full-scale assault will endanger $850 million price of belongings. After the invention was made, the workforce started fixing the difficulty inside half-hour and at press time, the difficulty had been efficiently resolved with out recording any lack of consumer funds. 

The bounty program is hosted by Inmmunefi, a safety providers firm and the corporate’s CEO Mitchel Amador was ecstatic by the invention. “We congratulate Gerhard for his fantastic work and excellent report, and appreciate the swift response, subsequent fix, and fast payout from Polygon,” he stated. 

The bug was found in Polygon’s Plasma bridge which basically is a trustless channel for cross-over communication between Polygon and Ethereum. Polygon is a protocol designed for improved scalability options on Ethereum which is the twenty first largest venture with a market capitalization of $10.5 billion.

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Improved Security Efforts

Given the sequence of safety breaches and high-profile hacks in opposition to cryptocurrencies, Polygon launched its bounty program. The program is regulated by Immunefi’s classification system that decides the severity of potential threats. Bounties begin as little as $1,000 and may go as excessive as $2 million that is depending on the scale of the menace found. White hat hackers scour sensible contracts and different code searching for vulnerabilities within the system.

Jaynti Kanani, Polygon’s cofounder stated, “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.”

In August, Poly Network suffered a hack main to the lack of $600 million price of belongings however in a nice twist, the hacker returned all of the belongings and was rewarded with a $500,000 bug bounty.

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