{"id":255449,"date":"2022-08-16T16:30:09","date_gmt":"2022-08-16T15:30:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=255449"},"modified":"2022-08-17T03:38:57","modified_gmt":"2022-08-17T02:38:57","slug":"crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized\/","title":{"rendered":"Crypto investments fund founder says Polygon is &#8216;highly insecure &#038; centralized&#8217;"},"content":{"rendered":"<p>Cyber Capital founder Justin Bons <span class=\"s4\">described<\/span> Polygon (<a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\">MATIC<\/a>) as &#8220;highly insecure & centralized,&#8221; claiming only five people are needed to compromise over $2 billion in the ecosystem.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/25) Polygon is still highly insecure & centralized!<\/p>\n<p>It would only take 5 people to compromise over $2B<\/p>\n<p>Adding insult to injury 4 out of these 5 are the Polygon founders!<\/p>\n<p>This is one of the largest hacks just waiting to happen<\/p>\n<p>Reckless & irresponsible, a warning to the wise:<\/p>\n<p>&mdash; Justin Bons (@Justin_Bons) <a href=\"https:\/\/twitter.com\/Justin_Bons\/status\/1559218289208971267?ref_src=twsrc%5Etfw\">August 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>He also claimed that Polygon has not been transparent in its operation, which further endangers the network. He said:<\/p>\n<blockquote><p>\u201cIt 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.&#8221;<\/p><\/blockquote>\n<p>He said Chris Blec of Defi Watch had formally requested disclosure about the admin key in 2020, but the Polygon team denied the request.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Here is a letter that was sent to Polygon which they&#39;ve called &quot;abusive&quot;. <a href=\"https:\/\/t.co\/OynPAgETHz\">https:\/\/t.co\/OynPAgETHz<\/a><\/p>\n<p>&mdash; Chris Blec (@ChrisBlec) <a href=\"https:\/\/twitter.com\/ChrisBlec\/status\/1493958520366145540?ref_src=twsrc%5Etfw\">February 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bons also criticized Polygon's transparency report, saying it only justified the multisig and didn't discuss operational security.<\/p>\n<p>Bons recommended that Polygon should become decentralized by following its state of governance <a href=\"https:\/\/blog.polygon.technology\/state-of-governance-2-identity-reputation\/\">report<\/a>.<\/p>\n<p>He asked the founders to transfer control of the smart contract admin key to a Polygon DAO composed of those holding the MATIC token.<\/p>\n<blockquote><p>\u201cThis 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 begin with.\u201d<\/p><\/blockquote>\n<p>However, a Twitter user <span class=\"s4\">criticized<\/span> Bons as a paid FUD dropping the same information every six months. Bons had released a similar thread in February that a cofounder of Polygon addressed.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1) youre literally a paid fud dropping the same thread every 6 months lol.<br \/>2) Polygon&#39;s solutions adopt ETHs security (zkEVM is a prime example)<br \/>3) here is a thread of Polygon themselves talking about this<a href=\"https:\/\/t.co\/EW9mBt3lre\">https:\/\/t.co\/EW9mBt3lre<\/a><\/p>\n<p>&mdash; \u2074\u2077 (@0xSigh) <a href=\"https:\/\/twitter.com\/0xSigh\/status\/1559230454644998145?ref_src=twsrc%5Etfw\">August 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time, cofounder <span class=\"s4\">Mihailo Bjelic allayed<\/span> Bons' fears about the multisig. According to Bjelic, Polygon is working to remove multisig, and an exit scam is not a realistic concern for the protocol.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/9 The usage of multisigs has been addressed many times. Mainly for the sake of newcomers, let&#39;s cover the key points once again.<\/p>\n<p>TL;DR: Multisigs are used to increase security, not to decrease it. Polygon is responsibly using them, and we are working towards removing them. <a href=\"https:\/\/t.co\/vSlSQUaRmX\">https:\/\/t.co\/vSlSQUaRmX<\/a><\/p>\n<p>&mdash; Mihailo Bjelic (@MihailoBjelic) <a href=\"https:\/\/twitter.com\/MihailoBjelic\/status\/1493314490309435399?ref_src=twsrc%5Etfw\">February 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, despite the issues raised by Bons, the Ethereum-based layer2 network has <a href=\"https:\/\/cryptoslate.com\/polygon-neowiz-join-forces-to-build-new-web3-gaming-platform-intella-x\/\">continued<\/a> to enjoy massive adoption and uses from institutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cyber Capital founder Justin Bons described Polygon (MATIC) as &#8220;highly insecure &#038; centralized,&#8221; claiming only five people are needed to compromise over $2 billion in the ecosystem. 1\/25) Polygon is still highly insecure &#038; centralized! It would only take 5 people to compromise over $2B Adding insult to injury 4 out of these 5 are [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":255493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16041,77497],"tags":[76918],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto investments fund founder says Polygon is &#039;highly insecure &amp; centralized&#039;<\/title>\n<meta name=\"description\" content=\"Cyber Capital founder Justin Bons said only five people are needed to compromise over $2 billion in Polygon&#039;s ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto investments fund founder says Polygon is &#039;highly insecure &amp; centralized&#039;\" \/>\n<meta property=\"og:description\" content=\"Cyber Capital founder Justin Bons said only five people are needed to compromise over $2 billion in Polygon&#039;s ecosystem.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-16T15:30:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-17T02:38:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/polygon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-investments-fund-founder-says-polygon-is-highly-insecure-centralized\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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