Platform Restoration Complete
Poloniex, the cryptocurrency exchange owned by Justin Sun, is set to resume operations after being hit by a major hack in mid-November. In an official announcement, the company stated that it has mostly completed the restoration efforts following the $100 million attack. The platform is now operating smoothly, according to Poloniex's latest update on the resumption of deposit and withdrawal services. The exchange has enlisted a top-tier security auditing firm to further enhance the security of funds on Poloniex and is preparing to resume withdrawals in the near future.
Security Audit in Progress
Poloniex revealed that it is currently in the final stages of a security audit and verification process. The evaluation is expected to take a few more days before completion. The exchange did not respond to requests for comment.
Attack Details
The major security breach occurred on November 10, with hackers stealing at least $100 million worth of cryptocurrency from Poloniex. The exchange disabled its wallet after detecting suspicious outflows. Blockchain security firm CertiK believes that the incident involved a compromise of private keys.
Reimbursement and Collaborations
Justin Sun, the owner of Poloniex, immediately launched an investigation into the hack and vowed to fully reimburse affected users. He assured the public that Poloniex maintains a healthy financial position and is seeking collaborations with other exchanges to recover the lost funds.
Past Settlement
Earlier this year, Poloniex agreed to pay a $7.6 million settlement to the United States Treasury Department's Office of Foreign Asset Control. The settlement was related to over 65,000 apparent violations of multiple sanctions programs.
