MetisDAO warns purchases made after poly exploit are not valid

MetisDAO, the official entity overseeing the Metis ecosystem, has issued a warning regarding the validity of transactions involving METIS tokens following the recent Poly Network exploit.

In a tweet from the official Metis account, it was stated that only METIS transactions conducted on BNBChain addresses prior to the Poly Network hack, as well as the initial sale of the exploited METIS by the culprits, will be considered valid.

To ensure transparency and fairness, the Metis team revealed that they had taken a snapshot of BNBChain addresses holding METIS tokens during the time of the security breach at Poly Network, specifically during the initial sale of the exploited METIS. The statement from MetisDAO clearly stated:

“METIS purchases made on BNBChain after the snapshot time will not be accounted for.”

Metis via Twitter

In light of these circumstances, MetisDAO has announced its plans to deploy a new METIS contract shortly. Consequently, they strongly advise users against interacting 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 via Twitter on July 2nd, was attributed to a vulnerability in the decentralized finance platform’s cross-chain bridge protocol’s smart contract functionality. Following the attack, Poly Network temporarily halted its services to address the security breach.

According to the most recent 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.

While the exact amount of bitcoin stolen during the incident has not been disclosed by Poly Network, 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 dispersed among five addresses that were not part of the original Poly Network ecosystem.