Poloniex Gears Up to Resume Operations After $100 Million Hack, Boosts Security Measures
Summary:
Poloniex, a cryptocurrency exchange owned by Justin Sun, is set to resume operations following a $100 million hack in mid-November. The company confirmed that restoration work is mostly complete and the platform is running smoothly. They have employed a high-grade security auditing organization to increase fund safety and plan to reinstate withdrawals soon. Earlier this year, Poloniex agreed to a $7.6 million settlement for violating multiple sanctions programs.
Following a significant breach in mid-November, Justin Sun's cryptocurrency platform, Poloniex, is on the verge of restarting operations, as confirmed by an official company proclamation issued on Nov. 15. In the declaration, it was conveyed that the platform has nearly finished the restoration work necessitated by the $100 million hack. "The platform is currently running without hitches," announced Poloniex, discussing the impending restart of deposit and withdrawal features. To amplify the security of funds within the exchange, the company has employed a high-grade security auditing organization and intends to initiate withdrawals soon. They added, "They are nearing the culmination of the security audit and verification procedures for Poloniex. Once the audit is finished, our deposit and withdrawal services will restart promptly." However, no specific timelines were provided as the "evaluation process" is still ongoing, estimated to take a few more days. There was no immediate reaction to Cointelegraph's request for remarks from Poloniex.
Poloniex became the victim of a significant security incident on Nov. 10, making way for culprits to unlawfully obtain at least $100 million in cryptocurrency. Following this illicit outflow, the Poloniex team disabled the wallet. As per CertiK, a blockchain security firm's analysis, this incident might have stemmed from a "private key compromise."
Sun, the owner of Poloniex - a platform he procured in 2019 - utilized X (formerly known as Twitter), to inform the public about the ongoing investigation of this illicit incident, shortly after the wallet suspension. He assured full repayment to the victims of the hack, advocating that Poloniex "is in a robust financial condition" and is exploring collaborations with other platforms to recover the vanished funds.
In a related story, Poloniex accorded to pay a $7.6 million settlement to the Office of Foreign Asset Control from the United States Treasury Department. This settlement was in response to over 65,000 alleged infringements of numerous sanction programs. As the crypto market volatility grows, experts weigh in on safeguarding your assets.
Published At
11/15/2023 11:22:49 AM
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