Ethereum-based layer-two scaling network Polygon has quietly fixed a vulnerability that put almost $24 billion worth of its native token, MATIC, at risk.

According to a Midweek blog post from Polygon, the "critical" vulnerability in the network'south proof-of-stake Genesis contract was first highlighted past two whitehat hackers on Dec. 3 and Dec. iv via blockchain security and bug compensation hosting platform Immunefi.

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

Polygon noted that the bug was resolved at block 22,156,660 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 one thousand thousand) before the bug was resolved. The web log post said:

"The Polygon core team engaged with the group and Immunefi'south expert team and immediately introduced a prepare. The validator and full node communities were notified, and they rallied behind the core devs to upgrade 80% of the network within 24 hours without stoppage."

Polygon stated that the outcome was fixed backside airtight doors equally it follows the "silent patches" policy introduced past the Become Ethereum team in November 2022. Under the guidelines, projects or developers report on key issues fixes four to eight weeks after they go live to avoid the hazard of being exploited at the time of patching.

Co-ordinate to Immunefi, whitehat hacker "Leon Spacewalker" was the first to report on the security pigsty on Dec. 3 and will exist 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.

Related: Hither's how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

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

"What's of import is that this was a examination of our network's resilience also as our ability to act decisively under pressure. Because how much was at stake, I believe our squad has fabricated the best decisions possible given the circumstances."

Co-ordinate to data from CoinGecko, MATIC is priced at $2.45 and is upwardly 35.1% over the past 30 days despite the current downturn across major crypto assets this month.