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MetisDAO Implements Snapshot to Address Poly Network Exploit Fallout

In the aftermath of the recent decentralized finance exploit that affected Poly Network, MetisDAO has taken decisive action to address the situation. MetisDAO, the decentralized autonomous organization behind the Metis protocol, released an official statement outlining their response and measures to mitigate the impact on their community.

MetisDAO announced that only METIS purchases made on BNBChain addresses prior to the Poly Network exploit, as well as the initial sale of exploited METIS by the perpetrators, will be recognized. To ensure transparency and fairness, the DAO confirmed that a snapshot had been captured of BNBChain addresses holding METIS tokens during the time of the Poly Network security breach and the subsequent sale of the exploited tokens.

However, addresses that acquired METIS on BNBChain after the snapshot was taken will not be recognized by MetisDAO. In light of this development, the DAO strongly advised against engaging with the METIS contract on BNBChain and revealed plans to deploy a new contract soon.

In a further precautionary measure, MetisDAO recommended that all liquidity providers withdraw their funds from Pancake Swap, a decentralized exchange on Binance Smart Chain (BNBChain) where METIS is traded. This move aims to safeguard the assets of the liquidity providers amidst the ongoing situation.

The incident that initiated this response occurred on July 2 when Poly Network, a cross-chain bridge protocol, fell victim to a decentralized finance exploit. The attackers successfully manipulated a smart contract function, leading to a temporary suspension of Poly Network’s services. Subsequently, it was revealed that the exploit impacted 57 different cryptocurrencies across multiple blockchains, including Ethereum, BNB Chain, Polygon, Avalanche, Heco, OKX, and Metis.

While the exact amount stolen during the attack has not been disclosed by Poly Network, cybersecurity firm PeckShield previously estimated that the attacker transferred at least $5 million worth of cryptocurrency. Furthermore, a report from CertiK on July 3 approximated that the attack resulted in the accumulation of approximately $10 million worth of crypto across five externally owned addresses.

MetisDAO’s proactive response to the Poly Network exploit demonstrates their commitment to protecting their community’s interests and maintaining the integrity of the Metis protocol. By implementing these measures, the DAO aims to ensure a fair distribution of METIS tokens and support the security of their ecosystem.

As the investigation into the exploit continues, the cryptocurrency community awaits further developments and looks to MetisDAO as they work diligently to safeguard their platform and provide updates to their stakeholders.

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