critical polygon bug put billion tokens

SEC for a Metaverse ETF,

  • Square Enix plans to invest more in blockchain gaming in 2022,
  • Number of non-zero Ethereum addresses hits record high above 71 million,
  • Eminem purchases a Bored Ape Yacht Club NFT for $462,000.
  • Market Analysis 📈📉

    7-day Price Change

    • BTC: -8.4%
    • ETH: -7.7%
    • BNB: -5.4%
    • SOL: -13.8%
    • ADA: -7.9%
    • XRP: -9.4%
    • DOT: -4.3%
    • DOGE: -10.7%
    • SHIB: -1292%
    • MATIC: -14.8%
    • LINK: +0.3%
    • LTC: -5.1%
    • TRX: -5.5%

    Data as of January 3rd, 19:00 UTC

    Let’s look at the Bitcoin chart.

    For the past three weekly candles, Bitcoin has failed to make a move below $45,500 while posting higher highs, suggesting traders should look to bid around $45,000-$46,000 and use the middle band as an initial target, currently at $52,972.


    The project recently updated a GitHub repository showing code for a token drop, including statements such as “emits token generation event” and “cannot be claimed after deadline”.

    ‘Critical’ Polygon Bug Put $24 Billion in Tokens at Risk Until Recent Hard Fork

    Ethereum scaling project Polygon was at risk of losing all of its MATIC tokens until it upgraded its network in early December. Details about the bug were shared on December 29th, where attackers would have been able to arbitrarily mint all of Polygon’s MATIC tokens from its MRC20 contract.

    The vulnerability was first discovered by white hat hacker Leon Spacewalker and was reported on bug bounty platform Immunefi.


    A security partner discovered a vulnerability ✅Fix was immediately introduced ✅Validators upgraded the network ✅No material harm to the protocol/end-users ✅White hats were paid a bounty https://t.co/oyDkvohg33— Polygon | $MATIC (@0xPolygon) December 29, 2021

    The vulnerability put more than 9.27 billion MATIC at risk that is valued at around $23.6 billion at the time of writing, with the figure representing the vast majority of the token’s total supply of 10 billion.

    Polygon noted that the bug was resolved at Block #22156660 via an “Emergency Bor Upgrade” to the Mainnet on Dec. 5 at around 7:27 am UTC. The network noted that a “malicious hacker” managed to steal 801,601 MATIC ($2.04 million) before the bug was resolved. The blog post said:

    The Polygon core team engaged with the group and Immunefi’s expert team and immediately introduced a fix.


    Shiba Inu listing have intensified. Although its October petition to list SHIB wasn’t successful, the Shiba Army has spotted a new feature on Robinhood hinting that SHIB will soon be on the platform.

    Many RobinhoodApp users have reported that typing Shiba on the platform will display “Crypto Gift.” With this happening only with Shiba, users hope that the famous meme coin will soon debut on the platform.

    Flipsider:

    • Robinhood withsubstantial losses could lead class-action lawsuitagainst the trading firm

    Why You Should Care

    The launch of the Robinhood app will grant its 22.5 million users direct access to crypto and possibly Shiba Inu.

    1.2 Million ETH Burnt in 4 Months, Justin Sun Dumps $600 Million in ETH

    2021 has been a great year for Ethereum, moving closer to Proof-of-Stake and the ETH gaining more than 450%.

  • Binance is not registered in Ontario – OSC
  • Regulation – US

    • SEC Commissioner Hester Peirce Says Washington Doesn’t Need a New Crypto Regulator – Coindesk
    • Bitcoin-Owning (BTC) Wyoming GOP Senator Lummis to Propose Crypto Bill in 2022 – Bloomberg
    • Tom Emmer – Twitter

    Regulation – CBDC

    • Mexican government signals circulation of digital currency by 2024 – theblockcrypto
    • Bank of Mexico Plans to Launch Digital Currency by 2024 – WSJ
    • Swiss Central Bank Ready to Run With wCBDC in January: ‘Just Takes a Policy Decision’ – Coindesk

    Ecosystem – Custody

    • Institutional crypto custodians raised more than $3 billion in 2021 – theblockcrypto
    • CheckSig Funding Round Press Release – CheckSig

    Digital Gold Institute

    • Odg della Sen.

    1/ Today we’re sharing some info on the upcoming @Aave market for Real World Assets (the RWAMarket).

    RWAMarket is a market where anybody can provide liquidity to tokens backed by RWA issued on the @centrifuge protocol.

    🧵⤵ pic.twitter.com/XWuRr3OKSo

    — Centrifuge (@centrifuge) November 24, 2021

    Get exposure to AAVE via our Crypto Portfolio feature.

    Shiba Inu Launches Beta Version of DAO to Give Users More Authority Over Crypto Projects

    Shiba Inu has launched a beta version of a decentralised autonomous organization (DAO) to give users more authority to decide on crypto projects and pairs on the ShibaSwap platform.

    Doggy Dao in a stage-by-stage metric and phased approach.

    Read in the Digest

    • Robinhood (NASDAQ:HOOD) Crypto Wallet to Launch in January, Shiba Inu Could Be Listed Soon
    • 1.2 Million ETH Burnt in 4 Months, Justin Sun Dumps $600 Million in ETH
    • Polygon Fixes Critical Bug that Put $24 Billion Matic Tokens at Risk
    • Voyager Hit With Class Action Lawsuit Over Alleged Hidden Fees
    • Jamestown to Host New Year’s Eve Party in the Metaverse, GameStop (NYSE:GME) to Launch NFT Marketplace

    Robinhood Crypto Wallet to Launch in January, Shiba Inu Could Be Listed Soon

    After months of trial, American financial services company Robinhood announced that a beta version of its cryptocurrency wallet will be launched in January.

    Go Ethereum (Geth) team in November 2020. Under the guidelines, projects or developers report on key bug fixes 4-8 weeks after they go live to avoid the risk of being exploited at the time of patching.

    According to Immunefi, Whitehat hacker “Leon Spacewalker” was the first to report on the security hole on Dec. 3 and will be rewarded with $2.2 million worth of stablecoins for their efforts, while the second unnamed hacker, referred to as “Whitehat2” will receive 500,000 MATIC ($1.27 million) from Polygon.

    Polygon’s co-founder Jaynti Kanani emphasized the network’s ability to promptly resolve the critical bug, noting in the blog post that:

    What’s important is that this was a test of our network’s resilience as well as our ability to act decisively under pressure.

    Taking the deflationary route after its London Hardfork four months ago, Ethereum began burning Ether tokens.

    Since then, Ethereum has burnt 1,283,226 ether worth close to $4.8 billion (using today’s price of $3,700). OpenSea is the biggest burner of ETH with 134,126 ether across 9.5 million transactions. On the Ethereum mainnet, 122,365 ether has been burnt since August 5.

    Regardless of Ethereum outperforming Bitcoin in 2021, Justin Sun, the founder of TRON, has continued dumping his ETH holding.
    According to analytics firm Wu Blockchain, since the start of December, Sun has sold 165,989 ETH – approximately $592 million.

    According to a post shared by Colin Wu, the founder of Tron did not sell his Ethereum holding for personal profit.

    , the trading volume of non-fungible tokens (NFTs) surpassed $13 billion in 2021 compared to just $33 million in 2020. OpenSea facilitated nearly 88% of the total trade volumes for 2021 and Solana NFT marketplace Magic Eden saw growth during Q4 2021, becoming the second largest venue in December.

    For a detailed recap of the NFT market and trends in 2021, check out 1confirmation’s report below:

    2021 was a big year for NFTs, but the asset class is still tiny relative to cryptocurrencies (for now)

    Our year in review 🚀https://t.co/jWlHXVg7lc

    — 1confirmation (@1confirmation) January 2, 2022

    Trade or bet on NFTs using our gas-less marketplace!

    Aave’s Newest Market: Real World Assets

    On December 28th, Ethereum-based lending protocol Aave added 7 new markets using real world assets in partnership with Centrifuge.

    The lower Bollinger band at $2,979 should provide strong support if the downward trend continues. A weekly close above $3,887 would point to a bullish outlook.

    The daily chart for ETH below shows that $3,910 is a key level for bulls to overcome. If there’s a daily close above the middle band, then it should provide a bullish outlook for ETH.

    The lower band currently lies at $3,615, which could provide a good buying opportunity.

    LINK is the only cryptocurrency available for leveraged trading on Rollbit that has seen an increase in price over the past 7 days, benefitting from a boost to eh valuations of DeFi-related assets.

    The bug was found in the transfer function of its MRC20 contract used for gasless transactions on the network.

    After the bug was reported, Polygon patched the bug by leveraging a stealth hard fork working alongside all of its validators and node operators. Even though the vulnerability was fixed within a few days, it could not stop an unknown black hat hacker from stealing 801,601 MATIC tokens worth $1.6 million at the time. In a post-mortem, the team reported:

    “Despite our best efforts, a malicious hacker was able to use the exploit to steal 801,601 MATIC before the network upgrade took effect.”

    The situation could have been far worse had this been delayed further.

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