Immunefi has revealed the probe into the problem discovered by a white hat hacker on the Polygon blockchain after more than a month. The corporation promised a $75,000 reward for the hacker’s charity and attention to detail.
Immunefi, a bug bounty program, announced in a “Bugfix Review” that Polygon’s team had successfully addressed the flaw discovered by Niv Yehezkel. On January 15th, a white hacker notified the team of a vulnerability in Polygon’s smart contract on the Ethereum network.
According to the report, Polygon’s team went into action, categorizing the problem as having a high severity level and so preserving billions of dollars in assets. According to Immunefi’s study, in order for the problem to be exploited, blackhat hackers would have to first meet certain “impossible” circumstances, such as the availability of a validator spot and preserving the cost of the place.
“We’d like to thank whitehat Niv Yehezkel for performing an outstanding job and reporting this discovery.” “Kudos also to the Polygon team for patching and compensating for the bug,” the article stated. “The issue was responsibly and securely reported using the Immunefi platform, resulting in a good outcome for everyone, particularly the users.”
Yehezkel received $75,000 as a reward for his skills and turned to Twitter to thank Immunefi and Polygon for quickly repairing the flaw. This is not the first time the Polygon team has had to repair a potential platform exploit.
In October, the team paid a $2 million bounty to a white hat hacker who discovered a problem that could have resulted in $1.6 million in user losses, and in December, it paid $3.46 million following another patch.
The Ascension of White Hat Hackers
The white hat Hackers have been doing their share to protect the embryonic cryptocurrency ecosystem from potential attacks. Coinbase gave the “largest-ever bug bounty” of $250,000 to Tree of Alpha, a hacker who discovered a hole in the platform’s advanced trading tool, last week.
Furthermore, the team offered a $500,000 reward and a job as the platform’s “Chief Security Advisor” once the Poly Network hacker returned the funds in “good faith.”
Immunefi takes pride in being Web 3’s leading bug bounty platform as part of its attempts to preserve investor capital. According to its website, it has paid out more than $10 million in rewards and avoided possible losses of more than $20 billion since its inception.