With the aim of ensuring complete, safe, and smooth asset recovery, we would like to briefly share #PolyNetwork 's roadmap for resuming operations and fully recovering user assets in the next phase.
1. Patching Vulnerabilities
We have completed the necessary fixes, and are working with multiple security & audit groups to go over the code. We also plan a global bounty program to encourage more security agencies to participate in the audit of #PolyNetwork's core functions.
We have completed the necessary fixes, and are working with multiple security & audit groups to go over the code. We also plan a global bounty program to encourage more security agencies to participate in the audit of #PolyNetwork's core functions.
2. Mainnet Upgrade
For security reasons, we will resume operations with a mainnet upgrade and restore the basic cross-chain functions post-audit at the earliest, while postponing the activation of other advanced functionality.
For security reasons, we will resume operations with a mainnet upgrade and restore the basic cross-chain functions post-audit at the earliest, while postponing the activation of other advanced functionality.
3. Project Launch
After receiving the audit reports, we will gradually restore the cross-chain service. The first set of projects fall in the following two categories.
After receiving the audit reports, we will gradually restore the cross-chain service. The first set of projects fall in the following two categories.
a. Newly launched projects, i.e., projects that have completed testing on the #PolyNetwork testnet and have not been affected by this incident. We will get in touch with these projects individually.
b. Uninfluenced projects, i.e., for the projects that are already using #PolyNetwork services and have not received any impact on their assets. We will open a channel for submitting applications ASAP.
4. Asset Recovery
In the past few days, #PolyNetwork has received unprecedented attention, and has been subject to questioning and doubts.
In the past few days, #PolyNetwork has received unprecedented attention, and has been subject to questioning and doubts.
However, with the cooperation of Mr. White Hat and the support of all other parties, the entire incident has now arrived at a provisional result, but we still have a long way ahead of us before we can finally return the control of the assets back to users.
The current status of the affected assets is as follows.
a) Approximately $238 million is currently being transferred to the 3/4 multi-signature wallet, while we still wait for Mr. White Hat to provide his final key authorization.
a) Approximately $238 million is currently being transferred to the 3/4 multi-signature wallet, while we still wait for Mr. White Hat to provide his final key authorization.
b) Approximately $33 million USDT is frozen, and #PolyNetwork is actively communicating with Tether to determine the next course of action.
5. Resuming Services
Once all the assets have been recovered, #PolyNetwork will make every effort to return full asset control to users as soon as possible and will resume cross-chain services and transaction pairs after the smart contract upgrade is complete.
Once all the assets have been recovered, #PolyNetwork will make every effort to return full asset control to users as soon as possible and will resume cross-chain services and transaction pairs after the smart contract upgrade is complete.
This incident does not just concern all the #PolyNetwork users, community participants, and partners, but also greatly affects the confidence of society at large in the crypto industry.
With this immense sense of responsibility and awareness, #PolyNetwork has made asset recovery the team's first priority right from the moment this issue occurred.
We hope that the users who are temporarily unable to transfer their assets will try to remain calm and patient, as your understanding will help the team handle your asset recovery in the most appropriate manner.
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