MetisDAO, the official governing body of the Metis ecosystem, has issued a cautionary statement regarding the legitimacy of transactions involving METIS tokens following the recent exploit on the Poly Network. In a tweet posted by the official Metis account, they clarified that only METIS transactions conducted on BNBChain addresses before the Poly Network hack and the initial sale of the exploited METIS by the perpetrators will be considered valid.
To ensure transparency and fairness, the Metis team took a snapshot of BNBChain addresses holding METIS tokens at the time of the security breach on Poly Network, specifically during the initial sale of the exploited METIS. The statement from MetisDAO explicitly stated that any METIS purchases made on BNBChain after the snapshot time will not be recognized.
In response to these circumstances, MetisDAO has announced their intention to deploy a new METIS contract in the near future. Therefore, they strongly advise users not to interact with the current METIS contract on BNBChain. Additionally, MetisDAO has urged all liquidity providers to withdraw their funds from Pancake Swap, a decentralized exchange where METIS tokens are traded.
The Poly Network hack, which was announced on Twitter on July 2nd, was attributed to a vulnerability in the cross-chain bridge protocol’s smart contract functionality of the decentralized finance platform. Following the attack, Poly Network temporarily suspended its services to address the security breach.
According to the latest update from the Poly Network team, the hack affected a total of 57 different cryptocurrencies across 10 distinct blockchains. Notable blockchains impacted include Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis.
The exact amount of bitcoin stolen during the incident has not been disclosed by Poly Network, but security firm PeckShield estimated a minimum of $5 million. Furthermore, a study published by CertiK on July 3 revealed that approximately $10 million worth of cryptocurrency was distributed among five addresses that were not part of the original Poly Network ecosystem.