Polygon CSO blames Web2 security gaps for recent spate of hacks
Polygon's chief of security says his department now employs 10 experts to ensure top-notch cyber security practices are adopted, recommending other crypto firms do the same. Polygon Chief Security Officer Mudit Gupta has urged Web3 companies to hire traditional security experts to put an end to easily preventable hacks, arguing that perfect code and cryptography are not enough. Speaking to Cointelegraph, Gupta outlined that several of the recent hacks in crypto were ultimately a result of Web2 security vulnerabilities such as private key management and phishing attacks to gain logins,....
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The CEO of Wintermute has stated that they are "open" to treating the hack as a white hat hack and would speak to the attacker. Wintermute, a cryptocurrency market maker based in the United Kingdom, became the latest victim of decentralized finance (DeFi) hacks for approximately $160 million, according to Evgeny Gaevoy, the company’s founder and CEO.Short communication on the ongoing Wintermute hack— wishful cynic (@EvgenyGaevoy) September 20, 2022 According to Etherscan, over 70 different tokens have been transferred to “Wintermute exploiter,” including $61,350,986 in USD Coin....
As a blockchain network of choice, Polygon offers scalability, speed, low network fees and a robust developer ecosystem, according to Robinhood. Crypto and stock trading platform Robinhood announced the launch of Robinhood Wallet, a self-custody, Web3 wallet, with Polygon (MATIC) as its first supported blockchain.Robinhood launched the beta version of its Web3 wallet on iOS. It is being made available to the first 10,000 users who joined the waitlist in May 2022. Hosted first over the Polygon blockchain, Robinhood Wallet allows users to trade and swap cryptocurrencies with no network fees.....
Launched in July 2021, Polygon Studios has attracted talent from major companies in traditional finances. Created as a Blockchain Gaming and NFT ecosystem developer relationship arm, it recently announced new staff members coming from top companies from Web2, legacy internet entities. Related Reading | Avalanche (AVAX) & Polygon (MATIC) Increase as Crypto Market Shows Steady […]
Simba aims to lower the barrier of entry into Web3 for Web2 firms with the help of a decentralized platform that provides necessary developer tools. Ethereum (ETH) layer-2 solution Polygon (MATIC) is integrating the Simba Chain to scale and build new infrastructure for Web3, according to a new announcement.While Polygon is known to be a scaling solution provider, the new partnership aims to build the next chapter for Web3 and expand the scope of services offered by the Polygon network. The first significant development between the two firms will be the launch of a white-label NFT....
In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform recently announced a $2 million bug bounty. In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a few months ago, the DeFi ecosystem experienced one of its biggest hacks when it lost over $600 million on different platforms. Polygon recorded an $85 million loss at the time. While Ethereum and Binance Smart Chain (BSC) recorded a combined estimate of $500 million in losses. Related....