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Key Takeaways
Polygon has patched a crucial bug on its Plasma Bridge.
The vulnerability put $850 million in danger, although the problem was resolved earlier than any funds had been misplaced.
Polygon has paid a report $2 million bounty to the hacker who noticed the problem.
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Polygon has patched a crucial vulnerability that affected its Plasma Bridge.
Polygon Pays $2 Million Bounty
Ethereum sidechain Polygon has patched a crucial bug on its Plasma Bridge.
A postmortem report from the bug bounty platform Immunefi revealed that it had found the problem and it was patched earlier than any hack or funds had been misplaced.
Polygon is the biggest sidechain community on Ethereum. It operates the Plasma Bridge, a two-way token gateway that lets customers switch belongings from Ethereum mainnet to Polygon and withdraw them again on Ethereum.
Polygon’s Plasma Bridge has a safety exit mechanism that includes burning tokens which were requested to be withdrawn to mainnet. On Oct. 5, the whitehat hacker Gerhard Wagner discovered a safety vulnerability on the bridge that would let malicious hackers bypass the bridge’s exit mechanism.
The principle vulnerability affected WithdrawManager, a particular perform within the bridge contract that authenticates burn transaction in earlier blocks for withdrawing belongings again to Ethereum.
Wagner reported the vulnerability to Immunefi, which then notified Polygon. Per the Immunefi postmortem, the Polygon group “instantly started fixing the underlying problem” and it was safely patched quickly after. The bug was reportedly extreme sufficient that it might have allowed hackers to empty your complete worth locked on Plasma Bridge, which was round $850 million on the time.
The Polygon group has rewarded Wagner with $2 million, the best bounty paid within the crypto area to this point.
In a press release shared with Crypto Briefing, Polygon co-founder Jaynti Kanani stated that safety shouldn’t be an afterthought when constructing the Internet 3. Commenting on the problem, Kanani added that Immunefi had helped the Polygon group “join with safety researchers to make the Polygon Proof-of-Stake community extra resilient.”
The incident serves as a reminder of safety points with interoperability bridges. As quite a lot of Layer 1 blockchains have seen explosive development, bridges have soared in reputation. Nevertheless, there are main safety points with many bridges, which has led to a number of assaults by which hackers have exploited vulnerabilities. In a single notable incident, $611 million was stolen from a cross-chain bridge service referred to as PolyNetwork. Different cross-chain bridge incidents on pNetwork and Thorchain additionally suffered multi-million greenback losses in current months.
Disclosure: On the time of writing, the creator of this function owned ETH.
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