Hacker receives $ 2 million Polygon bounty for finding crypto bug – Nairametrics

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In response to a potentially costly “double-spend” bug on the Polygon network, white hat hacker Gerhard Wagner won a $ 2 million bounty.

The Plasma Bridge in the Polygon network was at risk of being hacked by a sophisticated hacker, according to a blog post published Oct. 21 by Immunefi, a security service that facilitates bug reporting in decentralized financial projects.

An attacker could quit their bridge burn transaction up to 223 times, quickly converting $ 4,500 into $ 1 million in profit, according to the project.

The double spending exploit was reported by Immunefi. He used the plasma bridge to deposit ether (ETH) first and then remove it after the transaction was confirmed.

Once the attacker was able to perform the first removal, he could resubmit it except for a “modified first byte of branch mask”. Assuming they started with $ 3.8 million, they could have used up the $ 850 in bridge deposits.

After Wagner’s initial report on October 5, Polygon agreed to pay the full amount of $ 2 million for a bug bounty report. Wagner received the funds considered “the highest bounty in history,” and no user funds were lost as a result of the exploit, according to the platform.

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According to Immunefi’s Medium page, Wagner speculated that the bug could be related to the fact that “we used someone else’s code without fully understanding what they are doing.” He added that while the solution wasn’t fancy, it fixed the double-spend exploit.

In September, Alexander Schlindwein, who discovered a vulnerability in Belt Finance’s protocol and received $ 1.05 million, won the biggest bounty for a hacker.

U.S. officials have said they will reward hackers with rewards of up to $ 10 million if they can pass on information about suspected terrorists, extremists or state-sponsored hackers.

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