Binance and Polymarket have proposed a Polygon hard fork to recover stolen POL tokens. Block producers have already frozen the funds, but the proposal says that step cannot return them to their owners. The plan still needs governance approval.
Binance and Polymarket have proposed a Polygon network hard fork to recover approximately 70.49 million POL tokens, worth about $6.8 million. The tokens were stolen in separate security incidents involving the two platforms.
What the proposal would move
According to a Wednesday governance proposal, the recovery would cover 23.86 million POL, worth $2.31 million, across four addresses associated with the Polymarket hack. It would also cover 46.63 million POL, worth about $4.51 million, held in one address linked to the Binance hack.
The hard fork would remove the tokens from the five attacker-controlled addresses. It would then transfer them to verified recovery wallets designated by Polymarket and Binance, at a predetermined block and without changing POL's total supply.
Frozen funds, but no return yet
Polygon block producers have already blocked transactions from the affected addresses, which prevents the stolen funds from moving. However, the proposal said these restrictions are temporary measures that cannot return the funds to their owners.
The plan requires governance approval and testing on Polygon's Amoy testnet before activation. The community discussion is set for Nov. 5, and there is no confirmed date for the mainnet hard fork.
Crypto Briefing reports that, if the proposal is approved, client development and Amoy validation are expected to take around two weeks before the change could go live on mainnet.
Two incidents behind the request
The proposal follows Binance's record $6.3 billion hack on Oct. 29. It also follows a separate incident in which Polymarket temporarily suspended trading after reporting that a third-party provider had been compromised.
Sources: Cointelegraph, Crypto Briefing
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