A Chinese crypto blogger reported that the Polygon network was hacked & hacker(s) minted billions of dollars worth of crypto assets on the Polygon’s side network.
Polygon is a popular Proof-of-stake (PoS) blockchain network, known for providing layer-2 scaling support for Ethereum (ETH) blockchain network. In the present time, Polygon’s native token Matic is standing at 13th rank in the crypto sector by trade volume.
On 2 July 2023, Crypto security platform Peckshield suggested the Polygon network team look over the sudden increment in the token supply on the Polygon network for several crypto network tokens.
On behalf of the Peckshield’s warning, Chinese crypto blogger Colin Wu reported that an unknown hacker hacked the Polygon network & minted more than $10 billion worth of BUSD stablecoin as well several crypto assets ( worth nearly several million dollars)
Earlier this, the Polygon network faced a similar kind of hack attack. At the time, hacker succeeded in stealing nearly $600 million worth of crypto assets but later he returned all the stolen funds.
The report noted that in the present hack attack, hackers will not be able to swap the exact newly minted amount of crypto assets, as there is not much liquidity on the Polygon network against the minted assets.
Matic price action
The current trade price of Matic coin is $0.66 & this trade price is 1.7% over the last 24 hours. The trade price graph is showing that the latest negative news failed to bring any kind of impact on the Polygon’s native coin trade price.