The Polygon team finally fixed a bug that could lead to the loss of 22 million dollars along with 850 million dollars worth of crypto assets.
In this year, we saw many Defi attacks in the Decentralized ecosystem and that forced all crypto developer teams to run Bug bounty programs for the white hat hackers.
According to the Polygon network team, a white hat Hacker identified a bug in the Polygon’s Plasma bridge. The bug allows bad actors to leave their burn transactions by a staggering 223 times.
So, hackers were able to exploit $22 million with a $100,000 attack and that was able to risk $850 million worth of crypto assets in the network.
When white hat Hacker identified the bug & reported it to the Polygon developer team, then the Polygon network team started to fix the issue within half-hour. And finally, the team fixed the bug without any loss of funds.
Immunefi was running a bug bounty program for the white hat Hackers. Now this discovery of a new bug by a white hat Hacker made him rich because he got a $2 million reward. This white hat Hacker is Gerhard Wagner.
Mitchel Amador, CEO of security service company Imminefi, stated on this bug discovery and said
“We congratulate Gerhard for his fantastic work and excellent report, and appreciate the swift response, subsequent fix, and fast payout from Polygon,”
Polygon’s Plasma bridge is a trustless cross-chain project, which is dedicated to the Ethereum scaling network. And also this 21st biggest project, which has a market cap of 10.5 billion.
Attack on PolyNetwork
In August, the Polygon network suffered a hack attack and lost around $600 million worth of crypto assets fund. But later, Hacker returned the fund to the team & the hacker was rewarded with $500,000 under the bug bounty program.
After such incidents, Polygon network started a high-level bug bounty program last month with Imminefi and promised to give a reward of $1,000 to $2 million depending upon the bug.