Polygon reveals, the network faced a hack attack & lost $1.6M

Polygon network revealed that the MRC20 smart contract faced a hacking attack and lost around $1.6 million. 

Polygon network is a popular crypto project in this crypto industry and it is popularly known to work on the Layer2 scaling solution on Ethereum blockchain network to make the use of Ethereum blockchain network with very high efficiency. 

In the latest, the Polygon Network team revealed that there was a big MRC20 smart contract. And that smart contract was very critical because a hacker tricked the network and stole around $1.6 million worth of 801,601 MATIC. 

Right now everything is fixed through the Hard Fork event on 5 December. The hacking attack on the Polygon network took place around 24 days earlier. 

In the first week of this month, two Ethical Hackers  Leon Spacewalker and Whitehat2 informed the Polygon team. The bug was associated with the transfer function of the MRC20 smart contract. 

When the Polygon network team came to know about it, they took the action immediately and then contacted every validator to insist the network go through Hard Fork, to fix the issue. 

“Despite our best efforts, a malicious hacker was able to use the exploit to steal 801,601 MATIC before the network upgrade took effect.”, the team reported

According to ethical hackers, the action of the team to fix this bug was appreciable. Otherwise, bugs were highly critical and that may end up in a huge loss for the network. There was a chance that hacker was able to drain around 9.2 billion Matic coins, which is worth around $20 billion. 

Jayanti Kanani, Polygon Network co-founder, said that the project team did well in the early stages to fix the issue as per the circumstances. 

Under the bug Bounty program, the Polygon team rewarded around $3.46 million as to both the ethical Hacker. 

Earlier, a bug was encountered by the team in the plasma bridge. That bug was also very critical with a total of $850 million worth of risk. 

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