Polygon, NFT, and Coinbase are all undergoing major security upgrades.

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Here's how they're battening down the hatches


As the prices of major cryptos such as Bitcoin (BTC-USD) continue to struggle... What's going on with the actual crypto projects? As we'll see in today's New Digital World news roundup, several of the largest names are taking steps to strengthen their security.


Polygon Patches Bug In Its Deposit Manager Worth Billions


While many people in the United States were on vacation for Presidents Day, Polygon (MATIC-USD) was repairing a severe vulnerability on its network, courtesy to Immunefi's "white hat hackers."


As the number of people using NFTs, metaverses, and DeFi grows, more scalability is required: faster, cheaper, and more seamless Ethereum (ETH-USD) transactions. This is what Polygon can provide... However, it has had to deal with some security issues along the way. If an attacker invested enough money and time in the endeavor, the most recent weakness "may potentially have allowed an attacker to drain all monies from [Polygon's] deposit manager, engage in infinite withdrawals, DoS, and more," according to Immunefi.


Fortunately, "the flaw was not exploitable at the time of the report," according to Immunefi's CTO, Polygon performed an additional check to avoid the circumstance, and Immunefi was given $75,000 for their efforts.


Polygon has been on high alert since December, when it had to hard-fork its network to prevent a hacker from stealing $1.6 million in MATIC cryptocurrency. Larger flaws have been patched without incident: Immunefi (again) discovered a problem in October that could have cost $850 million. Instead, Polygon modified its Ethereum bridge to avoid it, and Immunefi received a $2 million reward for it!


NFT Industry Fights Scam Projects and Phishing


OpenSea is collaborating with 32 of its users to identify the unidentified attacker with whom they all engaged on Saturday, and who ultimately stole $1.7 million in NFTs and ETH.


It wasn't a network weakness this time, according to OpenSea, but a good old-fashioned phishing scheme. Except when a phisher appears to be OpenSea and needs access to your crypto/NFT wallet and sends you a phishing message on Facebook, they might just gain your password — and when a phisher pretends to be OpenSea and sends you a phishing message... They definitely have the ability to get a lot more from you.


Phishing scams can be difficult to detect – but this one works only if you have your digital assets on an exchange to begin with. This is why, rather than using these "hot wallets" for an extended period of time, experts like Charlie Shrem of our Crypto Investor Network constantly encourage switching to "cold storage": keep your crypto and NFTs offline, where they are far more difficult to steal.


 



What if the fraudster merely advertises a collection of NFTs that were never supposed to deliver the products in the first place? This "rug pull" has just occurred on the second major NFT network, Solana (SOL-USD), where the Magic Eden marketplace is refunding users who purchased NFTs from the fraudulent collection Balloonsville.


Because the company is tightening its policies, it will be more difficult to pull any rugs on Magic Eden next time. Because these Web3 groups prioritize privacy and empowerment, they frequently work anonymously, even while building high-profile NFT collections. Magic Eden will now require all of its creators to "sign a collaboration agreement, similar to a contract." Team leaders must be doxed to us personally at the very least."


To put it another way, Magic Eden is instituting a "know-your-customer" (KYC) policy: Only once you provide identity and a "resume" of your previous NFT initiatives, as well as a whitepaper if crypto tokens are involved, will you be able to sell your NFTs there.


Coinbase Plugs a Big Hole Ahead of the Super Bowl


Just two days before Coinbase (NASDAQ:COIN) became the second most downloaded app in the world thanks to its creative QR-code ad during the Super Bowl... A white hat hacker known as Tree of Alpha discovered a critical flaw in the app's beta version.


Tree of Alpha was beta-testing Coinbase's new Advanced Trading features when they discovered they could tamper with the code and sell bogus Bitcoin (BTC-USD)...and still keep the money! Coinbase fixed the flaw within a half-hour of them reporting it, and graciously compensated Tree of Alpha $250,000 for the save.





Following up on the aforementioned twitter thread on Saturday, Tree of Alpha detailed what happened and praised everyone who came to their help, including Coinbase "for its reaction speed... While I have numerous issues with Coinbase, I am not sure I could have contacted any other [exchange] in the same time frame."


Hackers and detractors will always try to punch holes in the armor of Coinbase, Polygon, the NFT marketplaces, and other key participants in the New Digital World as they expand and evolve. The success of these innovators will be determined by how strong that armor proves to be – and here at The New Digital World e-letter, I'll keep you up to date on the latest news and happenings.


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