Polygon Is Insecure and Centralized, According to the Crypto Investments Fund Founder.

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Polygon Is Insecure and Centralized, According to the Crypto Investments Fund Founder.

 

Justin Bons, the founder of Cyber ​​Capital, described Polygon (MATIC) as “extraordinarily insecure and centralized, saying it only takes five people to compromise over $2 billion in the ecosystem. In a Twitter thread, he noted the Layer2 protocol would be vulnerable due to its eight-key multi-sig contract. Only five keys are required to compromise the network, 4 of which are held by its founders. The rest of the key holders were also selected by Polygon. Bons added. Bons said that whoever controls the keys can change the rules and do anything within the ecosystem, including an exit scam that can take all $2 billion in the Polygon contract. He also argued that Polygon is not transparent in its operations, further jeopardizing the network. According to him:

It’s entirely possible that one person already has control of the admin key. At the very least, using an admin key also requires very high-security standards.

Bons also criticized Polygon’s transparency report, saying it only justified multisig and didn’t address operational security. Lastly, he recommends decentralizing Polygon according to its state of governance report.

 

Source:www.pipsafe.com

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