Hackers target Polygon Discord, promoting fake POL airdrops, causing concern just before the MATIC to POL migration.
Polygon faces a critical breach, with users reporting $150K in losses as phishing scams flood its Discord channel.
Despite robust 2FA security, Polygon's Discord was breached, risking user funds ahead of the MATIC to POL upgrade.
Polygon is struggling with a security breach just weeks before its anticipated MATIC to POL migration. The breach occurred on the platform’s official community Discord channel, raising alarms among users.
Hackers compromised the channel, promoting phishing links disguised as fake POL airdrop announcements. The incident has created substantial risks for users interacting with the platform, especially with the imminent token migration.
https://twitter.com/BoringSecDAO/status/1827237997810741557 CISO and Co-Founder Issue Urgent Warnings
Chief Information Security Officer Mudit Gupta took to X (formerly Twitter) to alert the community. He warned users to avoid clicking on any links on the Polygon Discord channel until further notice.
Co-founder Sandeep Nailwal echoed this warning, urging caution among users. The timing of this breach is particularly concerning given the upcoming migration. The attackers are exploiting the heightened interest in the migration to spread phishing links.
Moreover, the breach occurred despite security measures, including Two-Factor Authorization (2FA). Crypto sleuth SomaXBT questioned the cause of the attack, to which Gupta responded, “Not yet, all of our privileged accounts had 2FA.” This incident highlights the sophisticated tactics used by the attackers.
Besides, the severity of the attack is evident from reports of financial losses. One user, ValidatorK, reported losing $150,000 worth of Ether after interacting with a seemingly legitimate announcement on the Discord channel.
https://twitter.com/ValidatorK/status/1827250459444441457
Additionally, users seeking support were misled by scammers posing as legitimate support agents. The support channel was flooded with people seeking help, only to be deceived by these scammers.
Security Challenges Amidst the Token Migration
The timing of this breach couldn’t be worse for Polygon. The platform is on the verge of an upgrade scheduled for September 4. The migration from MATIC to POL tokens is a community-driven upgrade designed to expand the utility of Polygon’s native token. However, this breach has cast a shadow over the upcoming transition.
The cryptocurrency has seen a number of breaches in recent months. The most recent hack on Polygon's Discord highlights the continuous security issues in the cryptocurrency industry. Nevertheless, MATIC has proven to be resilient in the market, as seen by its price being over $0.50. However, the platform’s immediate priority is regaining control over its compromised Discord channel.
The post Polygon Faces Security Breach Weeks Before Major MATIC to POL Upgrade appeared first on Crypto News Land.