March 27, 2024
Poloniex Gears Up for Resumption After $100 Million Crypto Hack
Latest Cryptocurrency News

Poloniex Gears Up for Resumption After $100 Million Crypto Hack

Justin Sun’s cryptocurrency exchange, Poloniex, is gearing up to resume operations following a significant hack in November. According to an official announcement by the company on Nov. 15. The statement indicated that the platform has largely completed restoration efforts after the $100 million hack.

“The platform is now operating smoothly,” Poloniex stated in its latest update on the resumption of deposit and withdrawal services. The exchange has engaged a “top-tier security auditing firm” to enhance fund security on Poloniex and is in the final stages of security audit and verification processes. Upon completion of the audit, the platform plans to promptly resume deposit and withdrawal services.

The evaluation process is ongoing and is expected to take several more days, according to the company.

Poloniex suffered a major security breach on Nov. 10, resulting in attackers stealing at least $100 million in cryptocurrency from the exchange. In response, the Poloniex team disabled the wallet after detecting suspicious outflows. According to blockchain security firm CertiK, the incident likely involved a “private key compromise.”

Poloniex’s owner, Justin Sun, who acquired the exchange in 2019, promptly addressed the situation on X (formerly Twitter), stating that the team was actively investigating the hacking incident. Sun pledged full reimbursement for users affected by the breach, asserting that Poloniex maintains a healthy financial position and is exploring collaborations with other exchanges to recover the lost funds.

Earlier in 2023, Poloniex agreed to a $7.6 million settlement with the United States Treasury Department’s Office of Foreign Asset Control, resolving more than 65,000 apparent violations of multiple sanctions programs.

Image: Wallpapers.com

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