Binance, Polymarket Seek Polygon Fork to Recover $6.8M — SkimNews
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- Binance and Polymarket proposed a Polygon hard fork to recover approximately 70.49 million POL tokens, worth about $6.8 million, stolen in separate security incidents involving the platforms.
- Polymarket’s recovery allocation covers 23.86 million POL worth $2.31 million across four hack-linked addresses, while one Binance-linked address holds 46.63 million POL worth about $4.51 million.
- Polygon would remove the stolen tokens from five attacker-controlled addresses at a predetermined block and transfer them to verified wallets designated by Binance and Polymarket, with no change to POL’s total supply.
- Block producers have already blocked transactions from the affected addresses, preventing the stolen funds from moving, but the proposal says those restrictions are temporary and cannot return the funds to owners.
- Amoy testnet testing and governance approval are required before activation; discussion is scheduled for Nov. 5, with no confirmed mainnet hard-fork date.
- The recovery proposal follows Binance’s record $6.3 billion hack on Oct. 29 and a separate Polymarket incident in which trading was temporarily suspended after a third-party provider was compromised.
Why it matters: For the owners of roughly $6.8 million in stolen holdings, the proposal supplies a concrete return mechanism that block producers’ transaction freezes do not. Under the plan, POL’s total supply would remain unchanged while 70.49 million tokens move from five attacker-controlled addresses into verified recovery wallets.
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