Metis Takes Swift Action to Address Poly Network Exploits: Ensuring Transparency and Security

Metis Takes Swift Action to Address Poly Network Exploits: Ensuring Transparency and Security

In a surprising turn of events, Metis, a prominent blockchain project, has made an official announcement regarding the recent Poly Network exploits. Metis took to Twitter to communicate with its community, outlining the steps it is taking to address the situation and maintain transparency and fairness within its ecosystem. This response demonstrates Metis’ commitment to its users and the integrity of its platform.

A snapshot was taken of the BNBChain addresses holding METIS at the time of PolyNetwork’s exploit, and at the time of the exploiters first sale of exploited METIS. Addresses buying METIS on BNBChain after the time of the snapshot will not be recognized.

We advise to not interact…

— Metis 🌿 (@MetisDAO) July 5, 2023

Recognition of Valid METIS Token Purchases

Metis has informed its community that only purchases of METIS tokens made on BNBChain addresses prior to the occurrence of the exploit and the initial sale of exploited METIS by the perpetrators will be recognized. To ensure accuracy, the Metis team has diligently captured a snapshot of BNBChain addresses holding METIS tokens during the Poly Network security breach and at the time of the first sale of the ill-gotten METIS tokens. This snapshot allows Metis to distinguish valid token holders from those who may have acquired METIS tokens after the exploit.

Ensuring Transparency and Fairness

The decision to recognize only pre-exploit purchases of METIS tokens underscores Metis’ commitment to maintaining transparency and fairness within its ecosystem. By capturing the snapshot of BNBChain addresses, Metis aims to prevent any unjust gains by exploiters and ensure that the token distribution remains fair and equitable.

Precautionary Measures and New Contract Deployment

As a precautionary measure, the Metis DAO strongly advises users to refrain from engaging with the METIS contract on BNBChain. In an effort to enhance security and protect user assets, Metis has announced plans to deploy a new contract soon. This proactive step demonstrates the commitment of the Metis team to address any vulnerabilities and provide a secure environment for its users.

Recommendations for Liquidity Providers

In light of the exploit, Metis DAO recommends that all liquidity providers withdraw their funds from Pancake Swap, a decentralized exchange on Binance Smart Chain. This recommendation aims to safeguard the funds of liquidity providers and prevent any potential risks associated with the exploit.

Impact of the Poly Network Exploit

The exploit that originated from the Poly Network has had a significant impact on the blockchain community. It affected 57 different cryptocurrencies across 10 blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis. While the exact amount stolen during the attack was not disclosed by Poly Network, independent cybersecurity firm PeckShield estimated a minimum of $5 million worth of cryptocurrency transferred by the attacker.

Metis and Poly Network Collaborating

Metis and Poly Network are actively working together to address the aftermath of this unprecedented event. Their primary focus is on safeguarding user assets, rectifying the vulnerabilities exploited, and implementing measures to prevent similar occurrences in the future. The blockchain community eagerly awaits further updates on the progress made by both projects.

Conclusion

Metis’ response to the recent Poly Network exploits highlights its dedication to maintaining transparency, fairness, and security within its ecosystem. By recognizing only pre-exploit purchases of METIS tokens, deploying a new contract, and providing recommendations for liquidity providers, Metis aims to protect its users and ensure the integrity of its platform. Collaborative efforts between Metis and Poly Network are crucial in overcoming the challenges posed by the exploit and fostering a more secure blockchain ecosystem.

FAQs

1. Which purchases of METIS tokens will be recognized by Metis?

Metis will only recognize purchases of METIS tokens made on BNBChain addresses prior to the occurrence of the Poly Network exploit and the initial sale of exploited METIS tokens by the perpetrators.

2. Why is Metis deploying a new contract?

Metis is deploying a new contract as a precautionary measure to enhance security and protect user assets. This step aims to address any vulnerabilities that may have been exploited during the Poly Network incident.

3. Why is Metis advising liquidity providers to withdraw their funds from Pancake Swap?

Metis DAO recommends liquidity providers to withdraw their funds from Pancake Swap to safeguard their assets and mitigate potential risks associated with the Poly Network exploit.

4. How has the Poly Network exploit impacted the blockchain community?

The Poly Network exploit has affected 57 different cryptocurrencies across 10 blockchains, leading to a temporary suspension of Poly Network services. The exact amount stolen during the attack has not been disclosed, but estimates suggest a minimum of $5 million worth of cryptocurrency was transferred by the attacker.

5. What can the community expect from Metis and Poly Network moving forward?

Metis and Poly Network are actively collaborating to address the aftermath of the exploit, protect user assets, and prevent future occurrences. The community can anticipate further updates and measures taken by both projects to enhance security and maintain trust within the blockchain ecosystem.