Neo has paused the migration of tokens from Neo Legacy to Neo N3 following an attack on the Poly Network cross-chain protocol that led to the theft of over US $600m in assets. Poly Network is the cross-chain bridge that facilitates the migration of tokens from Neo Legacy to Neo N3.
Aside from the interruption to the migration, no Neo-related assets were affected by the attack.
In an announcement to the community, Neo clarified the status of existing tokens:
Neither Neo Legacy nor Neo N3 was affected by the incident. All NEO, GAS, and NEP-5 assets are safe.
All wrapped assets on Neo and their underlying original assets on Ethereum are all safe. Any assets that are currently locked in Flamincome are also safe and unaffected by the attack.
Token holders will be able to use Poly Bridge to manage their assets again after Poly Network has updated its contracts.
The team offered an apology for the interruption to token holders wishing to participate in the Early Bird migration.
Moving forward, Neo noted it is closely monitoring the Poly Network situation to decide how to proceed with the Neo Legacy to Neo N3 migration. An announcement will be provided as soon as a decision is made.
Neo stressed that “asset safety is one of our highest priorities.” The migration will only be restarted when Neo has absolute confidence that it can be completed safely and without further interruption.
Following dialogue with Poly Network, the attacker has started returning funds. The exploit that led to the attack has been diagnosed and is being patched.
About The Author: Dean Jeffs
Dean is a digital project manager who has worked extensively with start ups and agencies in the marketing space. Fascinated by the potential applications of blockchain technology, Dean has a passion for realising the new smart economy.
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