Binance, Polymarket Propose Polygon Hard Fork to Recover $6.8 Million in Hacked Funds

Binance and prediction-market platform Polymarket have proposed a hard fork of the Polygon (POL) network to recover hacked funds.

Cointelegraph reported on Nov. 4 that Binance and Polymarket submitted the proposal to the Polygon community forum on Nov. 3.

The proposal targets about 70.49 million POL, worth roughly $6.8 million, held in five addresses controlled by the hacker. Of that amount, about 23.86 million POL remains in four addresses tied to the Polymarket hack, while about 46.63 million POL is held in one address linked to the Binance hack.

The core of the proposal is to set the POL balances in those addresses to zero at a predetermined block and credit the same amount to recovery wallets designated by the two companies. The process would move forward after verifying ownership of the recovery wallets, and Polygon’s total token supply would remain unchanged.

Polygon block producers are already blocking transactions from the relevant addresses to prevent the funds from being moved. Binance and Polymarket said the transaction freeze is only a temporary measure and cannot return the locked funds to victims.

The proposal must receive Polygon governance approval and be validated on the Amoy testnet before it can be implemented. It is due to be discussed at a Polygon governance meeting on Nov. 4.