Token owner address compromised

I have deployed a ERC20 token contract and deployed it on the polygon network. After that I transferred the ownership of the token to another wallet address. Unfortunately that wallet is compromised and all funds including tokens are stolen. Contract was upgradeable. Is there any way to reverse that transaction?

Or is there any way to upgrade that smart contract and avoid that thief,s wallet and distribute the token once again so that other holders will get new tokens version but that thief will not get any tiken via upgrade. Any help would be appreciated.

Unless the token is upgradeable by anyone else then the owner, then i'm afraid not and the hacker has complete control.

If there is a 2nd address authorized to upgrade the contract (which normally only is the owner) then you can upgrade the contract and remove the hacker address.

What gou can also do is create an new token and airdrop that token to everyone holding the token except the hacker.

You mentioned the contract is upgradeable. Has the thief transferred ownership of the token to another account? If not, you should first do that yourself and transfer ownerhsip to a safe wallet (and review your security practices because evidently that failed the first time).

If you're able to do that, sure you can try to undo the transfers that the attacker has done. But if they've sold the tokens on a DEX or something there's nothing you can do to reverse that.