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With the aim of ensuring complete, safe, and smooth asset recovery, they would like to briefly share Polynetwork’s roadmap for resuming operations and fully recovering user assets in the next phase.
Patching Vulnerabilities: The necessary fixes have been completed. Several security and audit groups have been approached to go over the code. Further, a global bounty program will be soon on the dice to encourage more security agencies to audit PolyNetwork’s core functions.
Mainnet Upgrade For security reasons, they will resume operations with a mainnet upgrade and restore the basic cross-chain functions after the audit at the earliest possible time; however, they will be postponing the activation of advanced functionalities.
Project Launch: After getting the audit reports, they will slowly restore the cross-chain service. The first set of projects to be restored will be the newly launched and the uninfluenced projects.
Newly launched projects, are those which have completed testing on the Polynetwork testnet and have not been affected by this incident. They will also get in touch with these projects individually.
Uninfluenced projects are those projects that are already using Polynetwork services and that have not received any impact on their assets. This will eventually open a channel for submitting applications ASAP.
Asset Recovery over the past few days has been happening. As a result, Polynetwork has received unprecedented attention because the community have developed a lot of doubts.
However, with the cooperation of Mr. White Hat and the support of all other parties, the entire incident they claim is at a provisional result. There is a long way for the project to go before they can finally return the control of the assets back to users.
The current status of the affected assets is as follows. a) Approximately $238 million is currently being transferred to the 3/4 multi-signature wallet. Mr. White Hat should to provide it’s a final key authorization. b) Approximately $33 million USDT is frozen. Communication with Tether is on to determine the next course of action.
Resuming Services will happen the sooner all the assets have been recovered; Polynetwork will make every effort to return complete asset control to users ASAP. In addition, they will resume cross-chain services, and transaction pairs after the smart contract upgrade are complete.
This incident does not just concern all the Polynetwork users, community participants, and partners but also dramatically affects the confidence of society at large in the crypto industry.
With this immense sense of responsibility and awareness, Polynetwork has made asset recovery the team’s priority right from the hacking issue. They are hopeful that the users who are temporarily now unable to transfer assets will try to remain calm and patient. They are requesting users the understanding to help the team handle asset recovery in the most appropriate manner.
