Poly Network announced the latest update: the white-hat individual has returned approximately $427 million in assets.
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Poly Network announced the latest update: the white-hat individual has returned approximately $427 million in assets.
Poly Network announced the latest update: the white-hat individual has returned approximately $427 million worth of assets.
Navigating Web3 tides with focused insightsTo all friends following the progress of the Poly Network incident,
Thank you for your continued attention to this event. Since the incident occurred, our team has been working around the clock to restore Poly Network's operations as quickly as possible. We fully understand that countless users and projects rely on Poly Network’s services, and many have felt anxious about losing control of their assets. Minimizing the impact on them is our top priority, and restoring our network and users’ assets in a secure manner remains our highest concern. We are pleased to report that on August 19, we achieved significant阶段性 progress. Here is a detailed update:
1. Asset Return Status
We have made阶段性 progress, although we are still some way from fully returning asset control to users. Below is the current status of affected assets:
a) The white-hat individual has returned approximately $427 million in assets.
b) Currently, 28,953 ETH and 1,032 WBTC (worth approximately $141 million) remain in the 3-out-of-4 multi-signature wallet, awaiting the white-hat’s private key authorization.
c) About $33 million USDT remains frozen. Poly Network is actively communicating with Tether regarding the disposition of these funds. We recognize this is a serious and cautious decision-making process for Tether, but we believe a clear resolution will emerge soon, as we require these assets for full restoration.
2. $50,000 Bug Bounty
Despite not receiving confirmation from the white-hat individual, we have honored our previous commitment by sending approximately $500,000 worth of 160 ETH to the donation address he previously disclosed:
0xA87fB85A93Ca072Cd4e5F0D4f178Bc831Df8a00B
We hope this fund can be used in the future to incentivize more security researchers to contribute to blockchain security. You may view the transaction details via the link below: https://etherscan.io/tx/0x814e6a21c8eb34b62a05c1d0b14ee932873c62ef3c8575dc49bcf12004714eda.
3. Cross-Chain Bridge Service Restoration
The Poly Network team is currently in Phase Three of its roadmap: "Project Launch." Poly Bridge has now restored cross-chain functionality for at least 31 assets, including: $BET, $BKC, $BNB, $C, $CBC, $COOK, $CWS, $DOG, $DOWS, $EPK, $FEI, $FLUX, $HD, $HDT, $ISM, $LKT, $mBTM, $MDX, $MIX, $MOZ, $nNEO, $O3, $OOE, $renBTC, $SHIB, $STACK, $sUSD, $TRIBE, $UNI, $WING, $PLT.
For security reasons, Poly Bridge will gradually enable cross-chain services for additional assets. After a project team submits an application and successfully completes testing, users will be able to freely conduct cross-chain transactions for that asset. Project teams may apply via this form: https://forms.gle/sLENx34jPBUsrYjx7
4. Recovery of Stuck Historical Transactions
We sincerely apologize that due to the suspension of Poly Network’s cross-chain services over the past several days, many user transactions were stuck. As Poly Network’s cross-chain services gradually resume, we are now actively and systematically processing these historical stuck transactions. However, please understand that due to the large volume of affected transactions, there may be delays in fund settlements. We expect to fully resolve all stuck transactions within 24–48 hours. Thank you for your patience and cooperation—your understanding means a great deal to us.
5. Asset Restoration Progress
Beyond expectations, Poly Network has also entered Phase Four of its roadmap: "Asset Restoration." Affected assets including $BNB, $SHIB, $FEI, $renBTC, and $UNI have now been restored. These five assets are cross-chain mapped tokens and are not logically connected to other affected assets in terms of business logic, allowing them to be prioritized for recovery.
Regarding the 96,942,063 DAI received today, we will convert this DAI back into USDC to restore users’ assets. Any slippage losses incurred during the conversion will be compensated using our own funds. We will swiftly reconcile asset records and proceed with asset restoration, preparing for user withdrawals.
The above outlines our latest progress. Meanwhile, we will continue proactive communication with the white-hat individual. We believe the faster he sees Poly Network restoring operations securely and systematically, the sooner he will gain confidence in us and ultimately provide his private key.
Poly Network Team
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