{"id":220138,"date":"2022-02-16T16:30:17","date_gmt":"2022-02-16T16:30:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=220138"},"modified":"2022-08-17T03:39:09","modified_gmt":"2022-08-17T02:39:09","slug":"is-polygon-safu-critics-multisig-isnt-secure-enough-5b-in-jeopardy","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/is-polygon-safu-critics-multisig-isnt-secure-enough-5b-in-jeopardy\/","title":{"rendered":"Is Polygon safu? Critics: Multisig isn\u2019t secure enough, $5B in jeopardy"},"content":{"rendered":"

Polygon is perhaps the most popular alternative to transacting directly on the Ethereum baselayer (L1), giving users the opportunity to do fast transactions with low fees. Polygon (<\/span>MATIC<\/span><\/a>) is best known as a so-called side-chain to Ethereum, i.e. an Ethereum Virtual Machine (EVM) compatible blockchain running its own set of validator nodes. However, the Polygon team has also <\/span>invested<\/span><\/a> heavily in pure Layer-2 technology, and provides services such as the zk-STARKs based Miden scaling solution.<\/span><\/p>\n

Of course, with success comes the responsibility to safeguard all the funds that users are pouring into the network. In a tweet thread, Justin Bons, Founder & CIO of <\/span>Cyber Capital<\/span><\/a>, accuses the Polygon team of employing lax security measures, primarily around the Polygon smart contract multisig contract which controls the Polygon smart contract admin key. This key, in turn, controls over $5 billion of funds, according to Bons.<\/span><\/p>\n

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1\/14) Polygon in its current state is insecure & centralized!<\/p>\n

It would only take 5 people to compromise over $5B!<\/p>\n

4 of those people are the founders of Poly!<\/p>\n

This is one of the largest hacks or exit scams just waiting to happen<\/p>\n

Reckless & irresponsible, a warning to the wise:<\/p>\n

— Justin Bons (@Justin_Bons) February 12, 2022<\/a><\/p><\/blockquote>\n