Poly Network Latest Updates | Aug 19

Poly Network released Latest Updates: Poly Network donated 160 ETH Bug bounty to the address owned by Mr. White Hat, Poly Bridge has restored cross-chain functionality for at least 31 assets & more.

🔹1. Asset recovery status

The incident has achieved a milestone. Although there is still a long way to go before the full control of the assets returns to the users. The following is the current status of the affected assets.

a) Mr. White Hat has returned assets worth approximately $427 million

b) There are still 28,953 ETH and 1,032 WBTC (about $141 million) left in 3/4 multi-signature wallets for which we await Mr. Whitehat to provide his private key authorization.

c) About 33 million USDT is frozen. Poly Network is actively communicating with Tether on how to deal with this USDT is also a serious and careful decision making process for Tether.

🔹2. $500,000 Bug Bounty

Although they did not receive a positive response from Mr. White Hat, we still fulfilled our promise and credited 160 ETH (worth about $500,000) to the address Mr. White Hat had made public

0xA87fB85A93Ca072Cd4e5F0D4f178Bc831Df8a00B.

Hopefully, these funds can be used in the future to inspire more security experts to contribute to blockchain security. Details of the transaction can be found by following the link below https://etherscan.io/tx/0x814e6a21c8eb34b62a05c1d0b14ee932873c62ef3c8575dc49bcf12004714eda

🔹3. Cross-chain Bridge Service Recovery Status

The Poly Network team is in the third phase of the roadmap, “Project Launch”. Currently Poly Bridge has restored cross-chain functionality for at least 31 assets, including: $BET, $BKC, $BNB, $C, $CBC, $COOK, $CWS, $DOG, $DOWS, $EPK, $FEI, $FLUX, $HD, $HDT, $ISM, $LKT, $mBTM, $MDX, $MIX, $ MOZ, $nNEO, $O3, $OOE, $renBTC, $SHIB, $STACK, $sUSD, $TRIBE, $UNI, $WING, $PLT.

For security reasons, Poly Bridge will gradually restore asset cross-chain services for all types of assets. Only after the projects have submitted applications and tested successfully, users can freely conduct cross-chain transactions for that particular asset. Project parties can apply through this channel : https://forms.gle/sLENx34jPBUsrYjx7

🔹4. Restore Stuck Historical Transactions

They apologize for the fact that the Poly Network asset Cross-Chain service has been down for the past few days which has caused users’ transactions to get stuck. With the gradual restoration of Poly Network Asset Cross-Chain service, we are actively processing the historical transactions. However, please understand that due to the number of affected transactions being so high, there may be a delay in arrival.

🔹5. Asset Recovery Status

Poly Network has also entered the fourth phase of the roadmap “Asset Recovery” ahead of schedule. A few assets affected by this incident, namely $BNB, $SHIB, $FEI, $renBTC, $UNI, have now been restored. Since the above 5 assets are cross-chain mapped assets, they are not logically related to the other affected assets, so they can be recovered first.

About Poly Network

Representing both a technical breakthrough and a milestone for blockchain adoption, Poly Network is well positioned to become the pillar of NGI and the smart economy of tomorrow.

📰 INFO

https://medium.com/poly-network/latest-updates-aug-19-ed7ab8e5c2f0