SNEAK PEEK
- Polygon holds approximately $4.6 billion in tokens on deposit.
- Polygon might be among the biggest cryptocurrency scams, as mentioned by Justin Bons.
- Polygon’s co-founder produced a report saying that there’s clarity about multi-signatures.
Justin Bons, an investment specialist, has called Polygon insecure and centralized on Twitter. Adding more, he warned that a major scam is possible, as a result of this.
1/25) Polygon is still highly insecure & centralized!
— Justin Bons (@Justin_Bons) August 15, 2022
It would only take 5 people to compromise over $2B
Adding insult to injury 4 out of these 5 are the Polygon founders!
This is one of the largest hacks just waiting to happen
Reckless & irresponsible, a warning to the wise:
According to him, committing about $5 billion is possible only by 5 people out of which 4 are Polygon’s founders only. All this can lead to huge scams or hacks in the future.
Bons further said that 5 of 8 multi-signature contracts control the smart contract management key of the network. Having said that, Polygon has 100% control, as there’s only 1 outsider in the conspiracy. Furthermore, Polygon has itself picked these 4 people, which to an extent is partial.
2/25) The Polygon admin key is controlled by a 5 out of 8 multi-sig contract
— Justin Bons (@Justin_Bons) August 15, 2022
The founders control the first 4 keys
The next 4 keys are held by parties chosen by Polygon, meaning they lack impartiality!
It would only take 1 such party conspiring with founders to gain control!
As per data explorer Defillama, the current tokens of Polygon are locked for an equivalent of $4.6 billion. With this figure, Polygon is the 7th blockchain in terms of high value locked.
Adding further, Polygon hasn’t been transparent in the matter of operational security and cryptographic ritual.
1/25) Polygon is still highly insecure & centralized!
— Justin Bons (@Justin_Bons) August 15, 2022
It would only take 5 people to compromise over $2B
Adding insult to injury 4 out of these 5 are the Polygon founders!
This is one of the largest hacks just waiting to happen
Reckless & irresponsible, a warning to the wise:
Bons warned that without these guarantees, it is highly possible that one person is controlling the admin key exclusively. Neither does Polygon have high security nor enough disclosure.
However, Polygon’s co-founder Mihailo has demonstrated that usage of multi-signatures has clarity and even shared a report about the same. The report was published in May 2021, as during that time, concerns, discussions and misinformation related to the system were noticed.
