Polygon Eyes Hard Fork to Recover 70.49 Million POL Stolen in Polymarket and Binance Hacks
Polygon is contemplating a tough fork proposal that might transfer round 70.49 million POL stolen in separate safety incidents involving Polymarket and Binance again to restoration wallets designated by the 2 platforms.
The proposal requires Polygon PoS validators to approve a coordinated community improve that might set the balances of 5 attacker-controlled addresses to zero and credit score the identical quantities to verified restoration addresses. The funds are at the moment blocked from transferring, however Polygon mentioned the prevailing block listing doesn’t present a method to return them to their rightful homeowners.
New Hard Fork Proposal
The incidents took place on October 29 and 30, with roughly 23.86 million POL linked to the Polymarket incident and one other 46.63 million POL related to Binance. Following requests from the affected platforms, all validator-elected block producers added the recognized addresses to their Bor transaction block lists. While this stopped the funds from transferring, Polygon describes the association as a stopgap somewhat than a everlasting resolution.
The block lists are learn solely when a block producer begins up, which primarily implies that each replace requires a deployment and a Bor restart or span rotation. The filtering mechanism additionally leaves room for potential bypass makes an attempt, because it doesn’t cowl each doable transaction path.
Polygon additionally pointed to an tried transaction involving a payment of round 219,450 POL and an alleged method to validators providing money in trade for assist unblocking a transaction. Under the proposal, the balances of 4 Polymarket-linked addresses and one Binance-linked handle could be transferred at a set block peak.
Both platforms may have to show management of their respective restoration addresses and verify in writing that they’re licensed to obtain the funds.
Other Tokens Excluded
The proposal solely covers native POL held on the 5 listed addresses, whereas different tokens stay outdoors its scope. Binance’s stolen USDT has already been frozen by Tether, so the proposed fork is not going to contact it. Polygon additionally makes clear that that is an excessive measure and mustn’t change into frequent apply or set up a common mechanism for freezing and recovering person funds.
Before the change reaches mainnet, it should go the Polygon governance course of, bear growth and testing on Amoy, and obtain the required validator help.
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