Binance and Polymarket have proposed conducting a hard fork of the Polygon network in order to recover approximately 70.49 million POL tokens, worth roughly $6.8 million, stolen in separate security incidents involving the two platforms.
According to the governance proposal published on Wednesday, the recovery would include 23.86 million POL, valued at $2.31 million, held at four addresses linked to the Polymarket hack, and 46.63 million POL, worth about $4.51 million, stored at a single address linked to the Binance hack.
The proposed hard fork would remove the stolen tokens from five addresses controlled by the attackers and transfer them to verified recovery wallets designated by Polymarket and Binance. This process would take place at a predetermined block without changing the total supply of POL.
Block producers have already frozen transactions from the affected addresses, preventing the stolen funds from being moved. However, the proposal states that these restrictions are temporary measures and cannot return the funds to their owners.
Implementing the plan requires governance approval and testing on Polygon’s Amoy testnet before activation. The discussion is scheduled for November 5, while the mainnet hard fork date has not yet been confirmed.
This proposal follows the record $6.3 billion hack of Binance on October 29, as well as a separate incident in which Polymarket temporarily suspended trading after a report of a hack involving a third-party service provider.
