Polygon proposes hard fork to recover funds stolen from Binance
Crypto exchange Binance and prediction market platform Polymarket have proposed a hard fork of the Polygon network to recover approximately 70.49 million POL tokens worth $6.8 million. The funds were stolen in two separate hacking incidents.
Highlights
- Binance and Polymarket propose a Polygon hard fork to recover 23.86 million POL ($2.31 million) and 46.63 million POL ($4.51 million) stolen in recent hacks.
- The plan would strip stolen tokens from five addresses and transfer them to verified recovery wallets without altering POL's total supply.
- Governance approval and Amoy testnet validation are pending, with mainnet activation undecided after the $6.3 billion Binance hack and Polymarket trading suspension.
According to a proposal published on Polygon's governance forum, the plan would recover 23.86 million POL worth $2.31 million linked to the Polymarket hack. The tokens are held across four addresses controlled by the attackers.
Another 46.63 million POL, worth approximately $4.51 million, are held in a single address associated with the Binance hack.
How Polygon could recover the stolen tokens
The proposed hard fork would remove the stolen tokens from five attacker-controlled addresses and transfer them to designated recovery wallets specified by Binance and Polymarket. The operation would take place at a predetermined block and would not affect POL's total supply.
Polygon block producers have already blocked transactions from the addresses holding the stolen funds. This has prevented the assets from being moved further, but the existing restrictions do not allow the tokens to be returned to their rightful owners.
The initiative requires governance approval and testing on Polygon's Amoy testnet before implementation.
The proposal is scheduled for discussion on November 5. No date has yet been set for a potential hard fork of the Polygon mainnet.
How hackers stole $6.3 billion from Binance
On October 29, Binance suffered the largest hack in the history of the cryptocurrency industry, resulting in the theft of approximately $6.34 billion in digital assets. According to preliminary investigation findings, the attackers used fake job interviews and malicious software to gain access to the exchange employees' computers.
Binance temporarily suspended withdrawals and began working with its partners to freeze the stolen assets. As of November 3, approximately $2.85 billion had been frozen or intercepted.
As a reminder, Binance has resumed withdrawals following the hack.
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