$2 million worth of MATIC tokens stolen before Polygon's recent upgrade

A hacker stole $2 million worth of MATIC tokens before Polygon's recent upgrade.

A hacker stole $2 million worth of MATIC tokens before Polygon's recent upgrade.
Hacker | Image: Optimisus

Polygon gave the reason behind the December 5 hard fork that went live across 90% of network validators by Block #22156660 in a blog post.

A protocol for building Ethereum-compatible blockchain networks, Polygon, mentioned that the cause was due to a vulnerability a hacker exploited to steal 801,601 MATIC worth $2.04 million at the current price.

Although, the company had not disclosed publicly what happened, it published on Twitter that it updated its network recently.

Earlier this month, the first white-hat hacker sent a report of a possible vulnerability of Immunefi, which cover Polygon's $2 million bounty program, according to post on December 3. On December 4, another white hat hacker pointed out another vulnerability to which the network fixed immediately.

For instance, before the fix, the hacker used the vulnerability to steal MATIC tokens, the first in a series of transfers that whipped out 801,601 MATIC in total. But, a hard fork on December 5, protected a significant amount of funds for Polygon as the vulnerability puts over 9.27 billion MATIC worth $23.6 billion at press time at risk.

Moreover, Polygon emphasized that it paid about $3.46 million as a bounty to 2 white hats who helped discover the vulnerability. The bug bounty program awarded Leon Spacewalker $2.2 million and another white hat who reported the same bug $1.26 million.

In addition, Polygon (MATIC) hit new all-time highs of $2.92 all-time. But with the recent market crash, MATIC is down 17.8%.