Cyber Capital founder Justin Bons described Polygon (MATIC) as “highly insecure & centralized,” claiming solely 5 persons are wanted to compromise over $2 billion within the ecosystem.

In an Aug. 15 Twitter thread, Bons stated the layer2 protocol is a hack ready to occur as a result of its eight-key multi-sig contract.

According to Bons, 5 keys are wanted to compromise the community, and 4 are held by its founders. Polygon additionally selected the remaining key holders.

Bons continued that whoever controls the keys can change the principles and do something inside the ecosystem, together with an exit rip-off the place they will take all of the $2 billion within the Polygon contract.

He additionally claimed that Polygon has not been clear in its operation, which additional endangers the community. He stated:

“It is within the realm of possibility that a single individual already controls the admin key! The use of admin keys, at the very least, requires very high standards of security.”

He stated Chris Blec of Defi Watch had formally requested disclosure concerning the admin key in 2020, however the Polygon workforce denied the request.

Bons additionally criticized Polygon’s transparency report, saying it solely justified the multisig and didn’t talk about operational safety.

Bons really useful that Polygon ought to develop into decentralized by following its state of governance report.

He requested the founders to switch management of the sensible contract admin key to a Polygon DAO composed of these holding the MATIC token.

“This will require a migration over to a new Polygon smart contract. This would be very difficult & costly to do. (But) that is the price we pay for not doing things right, to begin with.”

However, a Twitter consumer criticized Bons as a paid FUD dropping the identical data each six months. Bons had launched the same thread in February {that a} cofounder of Polygon addressed.

At the time, cofounder Mihailo Bjelic allayed Bons’ fears concerning the multisig. According to Bjelic, Polygon is working to take away multisig, and an exit rip-off is not a sensible concern for the protocol.

Meanwhile, regardless of the problems raised by Bons, the Ethereum-based layer2 community has continued to get pleasure from large adoption and makes use of from establishments.

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