Leaderboard 728×90
Leaderboard 728×90

Crypto investments fund founder says Polygon is ‘highly insecure & centralized’

Cyber Capital founder Justin Bons described Polygon (MATIC) as “highly insecure & centralized,” claiming only five people are needed to compromise over $2 billion in the ecosystem.

1/25) Polygon is still highly insecure & centralized!

It would only take 5 people to compromise over $2B

Adding insult to injury 4 out of these 5 are the Polygon founders!

This is one of the largest hacks just waiting to happen

Reckless & irresponsible, a warning to the wise:

— Justin Bons (@Justin_Bons) August 15, 2022

In an Aug. 15 Twitter thread, Bons said the layer2 protocol is a hack waiting to happen due to its eight-key multi-sig contract.

According to Bons, five keys are needed to compromise the network, and four are held by its founders. Polygon also chose the remaining key holders.

Bons continued that whoever controls the keys can change the rules and do anything within the ecosystem, including an exit scam where they can take all the $2 billion in the Polygon contract.

He also claimed that Polygon has not been transparent in its operation, which further endangers the network. He said:

“It is within the realm of possibility that a single individual already controls the admin key! The use of admin keys, at the very least, requires very high standards of security.”

He said Chris Blec of Defi Watch had formally requested disclosure about the admin key in 2020, but the Polygon team denied the request.

Here is a letter that was sent to Polygon which they’ve called “abusive”. https://t.co/OynPAgETHz

— Chris Blec (@ChrisBlec) February 16, 2022

Bons also criticized Polygon’s transparency report, saying it only justified the multisig and didn’t discuss operational security.

Bons recommended that Polygon should become decentralized by following its state of governance report.

He asked the founders to transfer control of the smart contract admin key to a Polygon DAO composed of those holding the MATIC token.

“This will require a migration over to a new Polygon smart contract. This would be very difficult & costly to do. (But) that is the price we pay for not doing things right, to…

..

Read More

About The Author

Related posts