Binance, Polymarket propose Polygon fork to recover $6.8M

Binance and Polymarket have proposed a Polygon network hard fork to recover about 70.49 million POL, worth approximately $6.8 million, stolen in separate security incidents involving the two platforms. The tokens would be transferred to verified recovery wallets after governance approval.

The proposal covers 23.86 million POL, valued at about $2.31 million, held across four addresses linked to the Polymarket hack. It also covers 46.63 million POL, worth about $4.51 million, held at one address associated with the Binance hack.

The tokens would be removed from the five attacker-controlled addresses and transferred to wallets designated by Binance and Polymarket at a predetermined Polygon block. The process would not change the total supply of POL.

Polygon block producers have already blocked transactions from the five addresses, preventing the tokens from moving. The proposal describes the restrictions as temporary and says they cannot return the funds to Binance or Polymarket.

The proposal was scheduled for discussion on Nov. 5. It must receive governance approval and pass testing on Polygon’s Amoy testnet before the hard fork can be activated. No date has been set for a mainnet fork.

The plan follows Binance’s reported $6.3 billion hack on Oct. 29 and a separate incident involving Polymarket. Polymarket temporarily suspended international trading after reporting that a third-party provider had been compromised.

Reviewed and fact-checked by Alex Panasenko on November 5.