Polygon has proposed a network upgrade to recover about 70.49 million POL, worth approximately $6.5 million, linked to two security incidents at Polymarket and Binance.

These tokens are held across five addresses controlled by the attacker. Transactions from the addresses have been blocked, but the current mechanism does not allow the assets to be returned to recovery addresses.

Amount of POL linked to the two incidents

About 23.86 million POL was linked to the Polymarket incident and 46.63 million POL to the Binance incident, both of which occurred in October 2026.

Related entity POL amount Number of blocked addresses Polymarket Approximately 23.86 million 4 Binance Approximately 46.63 million 1 Total Approximately 70.49 million 5

Polygon block producers added five addresses to a blocklist to prevent further asset transfers. However, they must restart their infrastructure whenever the list changes, making these restrictions difficult to maintain.

Source: Polygon Forum

How would the hard fork proposal restore POL?

Polygon’s hard fork proposal would set the POL balances in the five addresses to zero at a predetermined block, while crediting the corresponding amounts to recovery addresses.

Polymarket and Binance must designate, verify, and prove ownership of the recovery addresses before the upgrade. If the proposal passes, developers will deploy and test the change on the Amoy testnet before bringing it to mainnet.

Validators, exchanges, and node operators will also need to upgrade their software before the change is activated.

Debate over ownership and decentralization

Polygon’s proposal raises questions about decentralization and asset ownership because the recovery relies on a consensus-level change.

Blockchain transactions are generally irreversible, and wallet balances cannot be transferred without the owner’s private key. Polygon described this measure as an extreme action that should not be taken regularly.

MATIC price and 21Shares POL transactions

MATIC was trading at $0.098, up 2.08% over 24 hours. Meanwhile, 21Shares withdrew approximately $11 million worth of POL from Coinbase over 30 days.

Metric or transaction Value MATIC price $0.098 MATIC price change over 24 hours Up 2.08% POL withdrawn from Coinbase by 21Shares over 30 days Approximately $11 million POL withdrawn by 21Shares on October 28 45.7 million POL, worth $4.08 million

Source: Trading View

Summary

Polygon is proposing a change to its network rules to recover POL that was blocked following incidents at Polymarket and Binance. Implementation depends on approval, verification of the recovery addresses, and upgrade testing.

Source: https://tintucbitcoin.com/polygon-tinh-hard-fork-de-thu-hoi-65-trieu-usd-pol-doi-lai-gi/

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