Polygon Bridge Is Stuck $27 Million Of Unclaimed Funds

Thousands of crypto users have unclaimed $27 million in cash on the Polygon bridge.

According to a blog post by crypto wallet ZenGo, there are over 35,000 transfers back to the Ethereum side of the bridge that have not been matched by subsequent claims. These transactions total around $27 million in funds, which are divided among ETH and the stablecoins USDT, USDC, and DAI.

On the Polygon bridge, it only takes one transaction for a user to bridge from Ethereum to Polygon. To withdraw their funds properly, users must first transfer their funds to Ethereum, wait an hour or so, and then claim their tokens in a second transaction.

Prior to publication, ZenGo shared this analysis with the Polygon staff. The Polygon team decided to conduct a claim transaction on behalf of a single user who had left $2 million in unclaimed cash on the bridge. This person transmitted the tokens back to the Ethereum side of the bridge in May but never completed the withdrawal procedure.

Not all of the monies have been completely forgotten. According to Polygon Chief Information Security Officer Mudit Gupta, some may be in the process of being withdrawn from the Ethereum chain.

ZenGo Co-Founder and CTO Tal Be’ery said:

“Although it’s hard to imagine how someone can just “forget” about millions of USD, we assume that it might be related to the fact that additional transactions are required and that the funds are not claimable immediately, therefore creating room for such mistakes.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News