Latest Updates (AUG 23）

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Poly Network

3 min readAug 23, 2021

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

Thank you for your continued interest. Over the last couple of days, the Poly Network team has made swift progress as per the previously announced roadmap and past published announcements. During this time, we have also maintained active and open on-chain communication with Mr. White Hat. Let us briefly describe our progress with respect to focal issues such as asset recovery progress that Mr. White Hat and the community are primarily concerned about.

1. USDT unlocking

Regarding the unlocking of USDT’s assets, to ensure complete transparency of information, we have compiled our actions below in the hope of avoiding confusion. We have been in close communication with Tether and have followed up regarding Tether’s standard procedure. On the evening of August 19, Tether confirmed with us the way they handled the situation.

(Aug-10–2021 12:30 PM +UTC) Poly Network reports issue to Tether team

(Aug-10–2021 01:40 PM +UTC) Tether team freezes $USDT on 0xC8a65Fadf0e0dDAf421F28FEAb69Bf6E2E589963

(Aug-12–2021 02:20 PM +UTC) Poly Network starts discussing the procedure for tokens reissuance with Tether team

(Aug-12–2021 05:38 PM +UTC) Poly Network sends “we are discussing with the tether team about the locked usdt.”

(Aug-13–2021 04:30 PM +UTC) Tether provides formal instructions regarding how to recover USDT tokens

(Aug-19–2021 03:50 PM +UTC) Tether asks Poly Network to confirm that 0x71 multisig address is correct to return USDT to Poly Network

(Aug-19–2021 06:00 PM +UTC) Poly Network confirms the address and further coordinates with Tether for the remaining steps.

2. USDC Asset Recovery Complete

We have completed the conversion between 96,942,063 DAI and USDC returned by Mr. White Hat, as announced previously at roughly 0:00 UTC on August 23rd. We have also converted 87,557,051 BUSD to USDC (BEP-20) on BSC. The user USDC asset comparison and recovery is now complete. For any slippage losses and fees incurred on these transactions, Poly Network team has used its own funds to compensate for the same. Poly Network has done its best to complete the USDC asset recovery as promptly as possible. Please stay tuned to O3 Swap announcements for the specific opening time of the USDC cross-chain transaction pool.

3. Cross-Chain Bridge Service Restoration

Poly Bridge has restored the cross-chain functionality for the following assets:

$BLES, $CFB, $DAI, $DFC, $ETH, $PRY, $SBC, $USDC
$USDT, $WBTC（Only for Wing project）

So far Poly Bridge has restored cross-chain functionality for 54 assets in total. Due to security reasons, Poly Bridge will gradually restore the cross-chain service for different types of assets. Users can freely send cross-chain transactions for a particular asset only after the respective projects have submitted applications and tested successfully. Projects can send in applications through this channel: https://forms.gle/sLENx34jPBUsrYjx7

Poly Network Team

For more info about Poly Network