Poly Network unveils plan to reimburse users after breach

Poly Network developers published a roadmap for reimbursements for customers affected by the recent breach.

Currently about $238 million of stolen funds are held in the multisig wallet. Access to them requires keys, among those held by the hacker. The company continues negotiations with the attacker.

As our communication with Mr. White Hat is going on, the remaining user assets on Ethereum are gradually transfered to the multisig wallet (0x34D6B21D7B773225A102b382815e00Ad876E23C2) requested by Mr. White Hat. pic.twitter.com/FdSfJ6ZIUt

— Poly Network (@PolyNetwork2) August 12, 2021

A further approximately $33 million in USDT is frozen by Tether, with which Poly Network is also discussing further actions.

Restoring the platform’s functionality has been split into three stages.

In the first phase, the project team fixed the vulnerability identified by the hacker. A code audit is ongoing with several cybersecurity teams. Going forward, Poly Network plans to launch a global bug-bounty program to identify bugs in the protocol’s core functions.

The next step will be updating the mainnet.

“For security reasons, we will delay enabling the expanded functionality, launching only the core cross-chain functions,” the company noted.

After the audit, developers will proceed to restore cross-chain functionality.

In August, the Poly Network protocol suffered the largest attack in the history of the industry on the blockchains Ethereum, Binance Smart Chain and Polygon. The total loss stood at $611 million in various cryptocurrencies. A portion of the stolen funds in USDT was blocked.

On August 11, the hacker announced an intention to return the funds. He transferred to the project team all stolen assets, except for $33 million in USDT that Tether froze after the attack.

Poly Network developers proposed to the hacker $500 000 as a reward for returning the funds, but he declined.

Subscribe to ForkLog news on Telegram: ForkLog Feed — all the news, ForkLog — the most important news, infographics and opinions.