Polygon Proposal Seeks to Recover 70.49 Million POL Stolen in Polymarket and Binance Hacks
A member of the Polygon Labs Validator Support Team has proposed a hard fork of the Polygon PoS mainnet to recover approximately 70.49 million POL stolen in two recent hacks involving Polymarket and Binance. The assets were valued at approximately $6.5 million based on prices on October 29.
The proposed intervention would transfer the affected POL balances from the attackers' addresses to recovery addresses designated and verified by Polymarket and Binance. According to Wu Blockchain the proposal, the funds are currently restricted from being transferred by block-producing nodes.
Polymarket and Binance Account for 70.49 Million POL
The proposed recovery covers two separate amounts linked to the incidents. Approximately 23.86 million POL belongs to the Polymarket-related portion, while around 46.63 million POL is associated with Binance.
Together, the balances represent approximately 70.49 million POL, with an estimated value of $6.5 million using October 29 prices. The proposal seeks to redirect these assets to recovery addresses verified by the two institutions rather than leave them in the attackers' wallets.
Hard Fork Would Not Change POL Supply
The Polygon Improvement Proposal (PIP) outlines a hard fork as the mechanism for moving the affected balances. Under the suggested approach, POL would be transferred from the attackers' addresses to designated recovery addresses through a change to the Polygon PoS mainnet.
The proposal specifically states that the recovery would not alter the total POL token supply. Its objective is to change the destination of the identified balances while keeping the network's overall token supply unchanged.
The funds' current restriction from transfer by block-producing nodes is also a relevant part of the proposal. The suggested hard fork would provide a mechanism to move the balances to addresses approved by Polymarket and Binance.
Governance Discussion and Implementation Timeline
The proposal was scheduled to be submitted for discussion at the Polygon Protocol Governance Call on November 5. That discussion represents a governance step for the proposed intervention, rather than confirmation that the recovery has been approved or implemented.
If the proposal receives approval, development markets work on the relevant clients and testnet rehearsals are expected to be completed in approximately two weeks. The timeline is conditional on approval and does not establish that the hard fork or fund transfers have already taken place.
The proposal was reported by Wu Blockchain and was published by a member of the Polygon Labs Validator Support Team as a Polygon Improvement Proposal. Its stated scope is the recovery of approximately 70.49 million POL associated with the Polymarket and Binance hacks, without changing the total token supply.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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