WiremarketsBrief
Binance and Polymarket Propose Polygon Hard Fork To Recover About $6,500,000 in Hacked Crypto
Binance and Polymarket have asked Polygon for a one-time hard fork to move about 70.49 million POL out of five blocked hacker addresses and into recovery wallets.
Brief
Binance and Polymarket have asked the Polygon network to move roughly 70 million POL tokens out of addresses controlled by thieves. Their one-time hard fork would zero out balances in five attacker addresses and move equal sums into recovery wallets held by the two firms. Those addresses contain roughly 70.49 million POL, valued near $6.5 million based on the price from October 29. Polygon block producers have already blocklisted the addresses, though the companies view that as a temporary measure. The fork would keep total supply unchanged and take effect only after governance approval, a test on the Amoy testnet, and proof of wallet control. Presentation is scheduled for November 5, during a Polygon Protocol Governance Call, and rollout should take about two weeks after approval.
Why it matters: The companies describe the step as extreme and not one to repeat, making it a notable test of how blockchain networks respond to large thefts.
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Terms in this story
- Hard fork
- A rule change that older software won't accept.
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