01-01-2022, 06:06 PM
The $1.4mn lost in Matic's exploit could have been $20.2 bn.This is bad but The Core
<!-- SC_OFF --><div class="md"><p>So Polygon's developers acknowledged the hit on Network on Dec.4,2021.Hackers swiped 801,601 Matic Tokens worth around $1.4mn</p> <p>On Dec. 3,2021,A so called "white hat" hacker reported an exploit in a critical Polygon Smart Contract that held more than 9 bn Matic tokens worth around $20.2 bn. </p> <p>The exploit which ended up costing $1.4mn could have been worth of $20 bn, which would have been a disaster for the network.</p> <p>The most important part is, the silence of Polygon foundation, it's core developers for almost a month. The incident happened on 4th Dec, but they remained silent for almost a month and finally revealed it in the last days of the month. </p> <blockquote> <p>After the exploit, Multiple validators expressed anger over this silence. The abrupt hard fork knocked multiple "unprepared" validators offline.</p> </blockquote> <p>This can't be good for any network,this is just another incident pointing towards that even the best networks have problems in being fully decentralised. They found a quick way to deal with it via </p> <p>Matic's co-founders decided to get rid off C-suite positions, "to make it more decentralized" The foundation quashed C-level roles like CEO, COO</p> <p><a href="https://www.theblockcrypto.com/post/128753/polygon-co-founders-no-longer-have-c-suite-positions">https://www.theblockcrypto.com/post/128753/polygon-co-founders-no-longer-have-c-suite-positions</a></p> <p>This could be seen as a major disaster averted but the silence of the team is the worse thing, to hide such an important information for a month when billions are at stake. </p> <p>Edit : Seems like lot of people are okay with how things went And acting like I did a crime by pointing out something. Guys, we can have a debate in a civil way Or is it a lot to ask? </p> <p>.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Acceptable_Novel8200"> /u/Acceptable_Novel8200 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtipju/the_14mn_lost_in_matics_exploit_could_have_been/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtipju/the_14mn_lost_in_matics_exploit_could_have_been/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>So Polygon's developers acknowledged the hit on Network on Dec.4,2021.Hackers swiped 801,601 Matic Tokens worth around $1.4mn</p> <p>On Dec. 3,2021,A so called "white hat" hacker reported an exploit in a critical Polygon Smart Contract that held more than 9 bn Matic tokens worth around $20.2 bn. </p> <p>The exploit which ended up costing $1.4mn could have been worth of $20 bn, which would have been a disaster for the network.</p> <p>The most important part is, the silence of Polygon foundation, it's core developers for almost a month. The incident happened on 4th Dec, but they remained silent for almost a month and finally revealed it in the last days of the month. </p> <blockquote> <p>After the exploit, Multiple validators expressed anger over this silence. The abrupt hard fork knocked multiple "unprepared" validators offline.</p> </blockquote> <p>This can't be good for any network,this is just another incident pointing towards that even the best networks have problems in being fully decentralised. They found a quick way to deal with it via </p> <p>Matic's co-founders decided to get rid off C-suite positions, "to make it more decentralized" The foundation quashed C-level roles like CEO, COO</p> <p><a href="https://www.theblockcrypto.com/post/128753/polygon-co-founders-no-longer-have-c-suite-positions">https://www.theblockcrypto.com/post/128753/polygon-co-founders-no-longer-have-c-suite-positions</a></p> <p>This could be seen as a major disaster averted but the silence of the team is the worse thing, to hide such an important information for a month when billions are at stake. </p> <p>Edit : Seems like lot of people are okay with how things went And acting like I did a crime by pointing out something. Guys, we can have a debate in a civil way Or is it a lot to ask? </p> <p>.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Acceptable_Novel8200"> /u/Acceptable_Novel8200 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtipju/the_14mn_lost_in_matics_exploit_could_have_been/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtipju/the_14mn_lost_in_matics_exploit_could_have_been/">[comments]</a></span>Kind Regards R