Expert opinion: Polygon is centralized and can be taken under control

The Ethereum layer 2 network is overly decentralized, according to crypto expert and Cyber ​​Capital founder Justin Bones. He is confident that the conditions are in place to take control of deposits in the network equivalent to $4.6 billion.

According to Bons, Polygon could be the biggest cryptocurrency scam ever. The insecurity of the sidechain lies in excessive centralization:

“It only takes 5 people to take control of almost $5 billion. Four are the founders of Polygon. This is the biggest exit hack. You just have to wait for it to happen."

Bones explained that smart contract keys are controlled by five of the eight signed contracts. Four are under the control of Polygon. If just one of the outside parties colludes with the founders of the sidechain, it will allow control of all funds.

Polygon has no security standards. Also, the company does not disclose information even in response to requests. For example, the company ignored the appeal of the DeFi Watch organization, which monitors security risks in DeFi protocols.

It is worth noting that Polygon is now in 7th place among the companies with the largest blocked capital. Ethereum still holds first place with $125.3 billion.

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