Latest Updates (AUG 19）

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Poly Network

4 min readAug 19, 2021

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

Thank you for your continued interest. Since this incident occurred, our team has been working around the clock to restore normal operations to Poly Network as soon as possible. We understand that there are many users and projects using Poly Network’s services, and there are users who are panicking that they might lose control of their assets, and we want to minimize the impact on them, so restoring our network and our users’ assets in a secure manner as quickly as possible is our top priority. We are pleased to announce that as of this day, August 19, we have achieved another milestone. I would like to report the progress here, one by one.

1. Asset recovery status

The incident has achieved a milestone. Although there is still a long way to go before the full control of the assets returns to the users. The following is the current status of the affected assets.

a) Mr. White Hat has returned assets worth approximately $427 million

b) There are still 28,953 ETH and 1,032 WBTC (about $141 million) left in 3/4 multi-signature wallets for which we await Mr. Whitehat to provide his private key authorization.

c) About 33 million USDT is frozen. Poly Network is actively communicating with Tether on how to deal with this USDT is also a serious and careful decision making process for Tether. We are confident there will be a clear result soon, as we need this assets in order to perform full asset recovery.

2. $500,000 Bug Bounty

Although we did not receive a positive response from Mr. White Hat, we still fulfilled our promise and credited 160 ETH (worth about $500,000) to the address Mr. White Hat had made public

0xA87fB85A93Ca072Cd4e5F0D4f178Bc831Df8a00B.

Hopefully, these funds can be used in the future to inspire more security experts to contribute to blockchain security. Details of the transaction can be found by following the link below https://etherscan.io/tx/0x814e6a21c8eb34b62a05c1d0b14ee932873c62ef3c8575dc49bcf12004714eda

3. Cross-chain Bridge Service Recovery Status

The Poly Network team is in the third phase of the roadmap, “Project Launch”. Currently Poly Bridge has 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 restore asset cross-chain services for all types of assets. Only after the projects have submitted applications and tested successfully, users can freely conduct cross-chain transactions for that particular asset. Project parties can apply through this channel : https://forms.gle/sLENx34jPBUsrYjx7

4. Restore Stuck Historical Transactions

We apologize for the fact that the Poly Network asset Cross-Chain service has been down for the past few days which has caused users’ transactions to get stuck. With the gradual restoration of Poly Network Asset Cross-Chain service, we are actively processing the historical transactions. However, please understand that due to the number of affected transactions being so high, there may be a delay in arrival. We expect to fully restore the stuck transactions within 24–48 hours. Thank you for your patience and cooperation, your understanding is vital to us.

5. Asset Recovery Status

Poly Network has also entered the fourth phase of the roadmap “Asset Recovery” ahead of schedule. A few assets affected by this incident, namely $BNB, $SHIB, $FEI, $renBTC, $UNI, have now been restored. Since the above 5 assets are cross-chain mapped assets, they are not logically related to the other affected assets, so they can be recovered first.

For the 96,942,063 DAIs received today, we will convert the DAIs back to USDC to be used to recover the users’ assets, and we will compensate for any slippage loss incurred in the transactions with our own funds. We will compare the changes in asset value and perform full asset recovery as soon as possible to ensure users can withdraw their assets freely.

The above is the latest progress we have made with regards to the incident. Meanwhile, we will still proactively stay in communication with Mr. White Hat. We believe that the sooner we assure him that Poly Network is recovering with security as the top priority, and in an organized manner, the sooner we can gain his trust and eventually obtain his private key.

Poly Network Team

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