Latest Updates(AUG 17)

Poly Network
Aug 17 · 3 min read

To everyone who remains concerned and has been keeping up with the progress on Poly Network,

In the past few days, Poly Network has completed the second phase of “Mainnet Upgrade” as per the set roadmap, and we have maintained contact with Mr. White Hat communicating the progress on a daily basis. We have made constant efforts to establish an understanding with Mr. White Hat and genuinely hope that Mr. White Hat will transfer the private keys as soon as possible so that we can return full asset control back to the users at the earliest.

Mr. White Hat shared his concerns about Poly Network’s security and overall development strategy in a recent public dialogue. The Poly team is actively working with organizations that are equipped to provide security solutions, with the aim of presenting the public with a robust and secure system that is fully prepared for Poly Network’s recovery and revamp. However, a significant system upgrade such as this one is not something that can take place overnight. And so ensuring the safety of users’ assets and returning them as soon as possible with minimal restoration of system functionality and maximum protection of funds still continues to be the priority, because restoring normal operation on Poly Network is the essential foundation on which we can start conceiving a new future together. Thus, we sincerely hope Mr. White Hat can understand our appeal and continue to actively cooperate with us.

We are also counting on more experts like Mr. White Hat to be involved in the future development of Poly Network since we believe that we share the vision to build a secure and robust distributed system. Also, to extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network.

Again, it is important to reiterate that Poly Network has no intention of holding Mr. White Hat legally responsible, as we are confident that Mr. White Hat will promptly return full control of the assets to Poly Network and its users. As we have stated in previous announcements and encrypted messages that have been made public, we are grateful for Mr. White Hat’s outstanding contribution to Poly Network’s security enhancements. While there were certain misunderstandings in the beginning due to poor communication channels, we now understand Mr. White Hat’s vision for Defi and the crypto world, which is in line with Poly Network’s ambitions from the very beginning — to provide interoperability for ledgers in Web 3.0.

Poly Network previously promised to reward Mr. White Hat with a $500,000 bug bounty, but he did not accept it and has publicly stated that he has considered offering it to the technical community who have made contributions to blockchain security. We fully respect Mr. White Hat’s thoughts, and to express our gratitude, we will still transfer this $500,000 bounty to a wallet address approved by Mr. White Hat for him to use it at his own discretion for the cause of cybersecurity and supporting more projects and individuals. We truly hope that no future projects and industry successors have to experience any similar incidents. Whatever Mr. White Hat chooses to do with the bounty in the end, we have no objections.

We will continue to update the latest events on the official Poly Network Twitter (https://twitter.com/PolyNetwork2). Please stay tuned.

Sincerely,

Poly Network Team

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Poly Network

Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.

Poly Network

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A groundbreaking heterogeneous interoperability protocol alliance, which is well positioned to become the pillar of NGI.

Poly Network

Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.