Polygon has awarded a white hat hacker the greatest bug reward in Defi history for exposing a critical vulnerability. For bringing the network’s notice to a possible defect that might have resulted in losses of up to $850 million, the $2 million was paid out.
Polygon is doing all it can to keep its network safe, including paying a bounty to a white hat hacker who discovered a security flaw. The fast efforts of the team might have saved as much as $850 million.
The $2 million bounty awarded to Gerhard Wagner by Polygon is the highest ever given in Defi. A weakness in the Polygon Plasma Bridge, identified by the white-hat hacker, enables bad actors to leave their burn transactions 223 times longer than they should.
The problem may have been exploited, resulting in huge losses for the network if it had gone unreported. The network estimates that a $100,000 assault may cause losses of over $22 million, while a $1 billion strike would put $850 million in assets at risk. This problem was discovered and fixed within 30 minutes of it being discovered, therefore there was no loss of cash for users as of the time of publication.
Inmmunefi, a security services provider, runs the bounty program, and CEO Mitchel Amador was overjoyed to learn of the find. This is our way of expressing our gratitude for Polygon’s quick reaction, correction, as well as quick compensation to Gerhard for his great effort and good report,” he stated.
Bug found in Polygon’s Plasma bridge, which is a trustless route for communication between Polygon and Ethereum, was uncovered by Polygon researchers With a market value of $10.5 billion, Polygon is the 21st most valuable project on Ethereum’s list of top ten most valuable cryptocurrencies.
Greater Focus on Security
Polygon’s bounty program was started in response to a number of high-profile security breaches and attacks targeting cryptocurrency. Immunefi’s categorization system governs the program, determining the seriousness of any possible threats. Prizes range from $1,000 to $2 million, with the latter amount being contingent on the magnitude of the danger revealed. Smart contracts and other types of programming are scoured by white hat hackers for weaknesses.
We hope that our incentive on Immunefi sets a precedent for another web 3.0 projects and draws Giga minds from the white-hat security research community to contribute to web 3.0 and make it more robust to future assaults,” stated Polygon co-founder Jaynti Kanani.
In August, Poly Network was hacked, resulting in the loss of $600 million in assets. However, in a happy turn of events, the hacker restored all the funds and was awarded a $500,000 bug bounty.
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