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Polygon (MATIC)

Polygon pays $2M bounty on bug which could have compromised $850M in user funds

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White hat hacker Gerhard Wagner has earned $2 million after reporting a solution to a potentially costly “double-spend” bug on the Polygon network.

In an Oct. 21 blog post from Immunefi, a security service that helps facilitate bug reports in decentralized finance projects, Polygon network’s Plasma Bridge was at risk of having $850 million removed by a knowledgeable hacker. According to the project, the vulnerability would have allowed attackers to exit their burn transaction from the bridge up to 223 times, quickly turning an amount like $4,500 into $1 million profi.

Immunefi reported the double-spend exploit worked by first depositing Ether (ETH) through the Plasma Bridge and starting the withdrawal process after the transaction was confirmed. A hacker could then wait a week and resubmit the same withdrawals with the exception of “a modified first byte of the branch mask.” Provided the hacker was able to begin with $3.8 million, they could have potentially depleted all $850 funds from the bridge’s deposit manager at the time.

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Polygon agreed to pay its maximum amount for a bug bounty report — $2 million — following Wagner’s initial report on Oct. 5. According to the platform, the bug has already been deployed on the mainnet after testing, Wagner has received the funds, claimed to be “the highest bounty ever paid out in history,” and no user funds were lost with the exploit.

Wagner speculated on his Medium page that the bug might be due to “using someone else’s code and not having a 100% understanding of what it does.” He added the solution was “not very elegant” but did fix the double-spend exploit.

Before this latest $2 million payout, the largest bounty for a white hat hacker had gone towards programmer Alexander Schlindwein, who in September discovered a vulnerability in Belt Finance’s protocol and was awarded $1.05 million. However, the U.S. Department of State may topple that record if a hacker is able pass on information on terrorist suspects, extremists and state-sponsored hackers — the government said it would be offering rewards of up to $10 million.

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Crypto Whale

Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours

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Two of WhaleStats’ top 1,000 Ethereum wallets just bought 900,000 and 999,990 MATIC tokens, respectively.

Two Ethereum whales have added the amount of 1,899,990 MATIC ($4,417,976) in the last 24 hours, according to crypto whale tracker WhaleStats. Two of the largest 1,000 Ethereum wallets tracked by WhaleStats just purchased 900,000 and 999,990 MATIC tokens, or $2,087,999 and $2,329,977 worth, respectively, as Polygon continues to be a top choice among large investors.

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MATIC, the native token of the Polygon blockchain, has risen from Dec. 4 sell-off lows of $1.62 to highs of $2.52 on Dec. 7, a nearly 55% gain.

MATIC was slightly higher at $2.35 at press time. Aside from the whale buy, the price increase is the result of more users becoming aware of Polygon’s cheaper prices, increased efficiency and scalability. The anticipation for Polygon’s virtual “zk day,” which is set for Dec. 9, is growing. The focus of the event will be on the applications of zk-STARKs and zero-knowledge (ZK) proofs, with Ethereum co-founder Vitalik Buterin expected to speak on the panel.

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Polygon is a Layer 2 product that speeds up transactions by working on top of primary blockchains. It focuses on solving the Ethereum network’s scalability issues, which have resulted in congestion and high fees.

Polygon’s MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.6 billion, according to data from CoinMarketCap.

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Polygon (MATIC)

Polygon(MATIC) Price Primed for a Bullish Breakout With 25% Upswing in Couple of Days

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The mammoth rally of Polygon in early 2021 is still unprocessed, while the asset is set to create yet another one. The MATIC price rose slowly until it reached $2, coiled up heavily, and was on the verge to hit the important levels at $2.5. These levels could certify the uptrend that would range beyond $3 slicing through the current ATH around $2.8.

The MATIC price rally approaching the ATH within a small stipulated time may reignite the bull run of numerous altcoins. Today, BitTorrent price ranged high breaking the huge downtrend line and heading towards its local resistance. The immense buying pressure raised the price breaking the ‘W-shaped’ pattern in the early trading hours. 

One of the popular analyst believes the $3 mark is around the corner and the MATIC price may achieve it very soon. 

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As per the chart posted by the analyst, the MACD previously made its bullish cross formation at a lower frame each time before. However, currently, the bullish cross formation on every higher low contact on the channel is up with the most recent being in the last week of November. And interestingly, this type of cross signifies the beginning of a new rally. 

The uptrend diverging line is based on higher highs and has an upside limit currently between $2.6 to $2.7. And if these levels are tested and cleared successfully, then $3 levels could be imminent which is slightly below the 2.5 FIB retracement levels. Moreover, the MATIC price has been above the support levels along with the 100-day MA in the daily chart since November 16 and 200-day MA since July 20. And based on these MACD levels, a strong 1-month rally may begin very soon. 

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Polygon (MATIC)

Polygon’s MATIC token up 40% amid crypto rebound

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Speculation mounts over Polygon’s foray into zero-knowledge proofs.

As cryptocurrencies  from last weekend’s massive sell-off, Ethereum scaling solution Polygon was among the biggest gainers.

MATIC, the native token of the Polygon blockchain, surged from $1.79 on Monday morning to $2.50 over the ensuing 24 hours, a nearly 40% gain. At the time of publication, the price had since dipped to $2.32.

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The increase occurred as more users have become aware of Polygon’s lower costs and greater efficiency and scalability. Speculation has also mounted over what the firm has called an “exciting announcement,” scheduled for Dec. 9 at Polygon virtual “zk day.”

The event will center around the applications of zk-STARKs and zero-knowledge (ZK) proofs, a type of cryptography that can verify whether a given statement is true without revealing the data that proves it.

“I think investors are finally waking up to the fact that Polygon is essentially an index fund of Ethereum scaling solutions and the 800-lb gorilla in the [zero-knowledge] space,” Polygon Global Head of Institutional Capital Dean Thomas said.

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Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks, offering an ecosystem with lower transaction costs and faster speeds than Ethereum.

Zero knowledge

ZK-rollups are a technology that helps Ethereum scale without compromising the blockchain’s decentralization and security.

Matter Labs’ zkSync and StarkWare’s StarkNet are both examples of ZK-based Ethereum scaling solutions. Both projects also closed $50 million funding rounds in November, with zkSync’s led by Andreessen Horowitz and StarkNet’s led by Sequoia Capital.

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This past August, Polygon , introducing ZK rollup capabilities to Polygon for the first time. Polygon followed up in September with a partnership with audit giant Ernst & Young to build Polygon Nightfall, a privacy-focused ZK-rollup geared towards enterprise use.

“[Polygon’s] priority is to help scale Ethereum and ZK is the biggest bet to achieve it,” a spokesperson for Polygon told CoinDesk.

User growth

Over the past several weeks, Polygon has also attracted interest from venture capitalists and institutional investors as Ethereum’s soaring gas fees have sent projects fleeing to cheaper blockchains.

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In a newsletter sent to the community this morning, Polygon reported all-time high network revenue for November and reached over 300,000 active addresses.

Polygon also saw record monthly volume of nearly $60 million on non-fungible token (NFT) marketplace OpenSea last month.

“We are significantly undervalued by any metric be it daily active users, transaction volume, or number of dapps being built on our platform,” Thomas told CoinDesk.

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Earlier this month, decentralized exchange IDEX launched its v3 on Polygon, aiming to combat high fees and failed transactions that have plagued users of Ethereum’s Uniswap.

Projects related to NFTs or the metaverse are also moving over to Polygon due to high minting and transfer costs on Ethereum.

Polygon’s MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.2 billion, according to data from CoinGecko.

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MATIC is still trading below its all-time high price of $2.62 in May.

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