Justin Sun’s cryptocurrency exchange Poloniex is preparing to resume operations after suffering a major hack in mid-November, according to the company’s official announcement release November 15
The company said in a statement that efforts to restore the platform following a $100 million hack were “substantially complete.”
In a recent update to resume deposit and withdrawal services, Poloniex said: “The platform is currently operating smoothly.” The exchange said it has hired a “top security audit firm” to enhance the security of funds on Poloniex and is preparing Withdrawals soon resumed, adding:
“Currently, they are in the final stages of the Poloniex security audit and verification process. After the audit is completed, we will resume deposit and withdrawal services on the platform in a timely manner.”
The company added that the “evaluation process” is still ongoing and is expected to take several more days.
Poloniex did not immediately respond to Cointelegraph’s request for comment.
On November 10, Poloniex suffered a major security breach, and attackers stole at least $100 million in cryptocurrency from the exchange. The Poloniex team subsequently disabled the wallet after discovering suspicious fund outflows. According to blockchain security company CertiK, the incident was likely a “private key leak.”
related: Cryptocurrency exchange CoinSpot reportedly suffered $2 million worth of hot wallet hack
Poloniex owner Sun, who acquired the exchange in 2019, reported on X (formerly Twitter) shortly after Poloniex disabled the wallet that the team was already investigating the hack. Sun pledged to fully compensate users affected by the breach and claimed that Poloniex “remains in a healthy financial position” and is looking to work with other exchanges to recover lost funds.
Earlier this year, Poloniex agreed to pay a $7.6 million settlement sought by the U.S. Treasury Department’s Office of Foreign Assets Control involving more than 65,000 apparent violations of multiple sanctions programs.
Magazine: How to Protect Your Cryptocurrency in Volatile Markets – Bitcoin OGs and Experts Engage
Svlook
