Polygon Reclaims Discord Channel After Hackers Exploit Planned MATIC to POL Migration to Create Phishing Scam

Polygon, a leading blockchain platform, has reclaimed its Discord channel after malicious actors hacked it and took control for approximately four hours.

Polygon has regained control of its Discord channel after it was hacked for approximately four hours.

During the hack, the attackers exploited the planned change from MATIC to POL, scheduled for September 4, to create a phishing scam on community members. They tagged the offer as a “special pre-migration celebration” airdrop in which they offered 5 million POL tokens as bait to click on their malicious link.

As per the latest cryptocurrency scam, assets worth about $150,000 were lost during the time of the breach. The compromise in Polygon’s data security architecture has raised concerns, particularly as the blockchain has ongoing major upgrades. Some users call on the platform to restore investors’ confidence.

In an update on X, Polygon confirmed it had regained control and disabled all external bots and integrations. As per the update, the Polygon community discord server is now secured.

With access reclaimed from the hackers, all changes made are being reviewed and cleaned up, said Mudit Gupta, Polygon’s Chief Information Security Officer. The Polygon team has also set up security measures to prevent a recurrence.

The Layer 2 protocol has also appealed to users to exercise patience as some features may have limited functions. However, users can now access the server while efforts are being made to restore full functionality. This full-service restoration will come after a thorough security review.

Some members of the Polygon community have lauded the platform for responding proactively following the hack. Notably, Gupta posted a “Public Service Announcement” warning users to avoid the phishing link until further notice. So far, those who claimed to have suffered losses only tendered their complaints after Gupta’s warning.

Polygon has asked users to watch out for any offers emanating from malicious actors to prevent future recurrence. The blockchain maintains it will never ask its users for their seed phrase. Thus, any such request should signal that it emanated from a malicious actor in a possible hack attempt.

Despite security measures by different exchanges, hackers continue to strike and dispose of substantial amounts of valuable assets before they get noticed. As reported by The Coin Republic, hackers recently stole $55 million worth of Dai tokens in a similar phishing scam. The hackers took advantage of digital wallets that needed to be properly secured on that protocol.

Another notable cyber-attack in the ecosystem involved the Indian-based crypto exchange, WazirX. The trading platform lost about $230 million as users’ digital assets were transferred and exchanged for Ethereum.

Some exchanges, like Binance, have recently stated that they have had to employ both Artificial Intelligence and manual reviews to safeguard users on their platforms from fraud and financial losses. Binance said their internal security mechanism averted over $2.4 billion worth of potential losses.

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