Crypto

Cryptocurrency exchange Poloniex restarts withdrawals following hack

Cryptocurrency exchange Poloniex restarts withdrawals following hack

The exchange lost over $100 million to hackers but is trying to rebuild

Cryptocurrency mogul Justin Sun’s Poloniex crypto exchange says it has nearly completed restoration measures and is readying the platform to continue operating after a $100 million hack forced it to shut down on November 10, according to an official statement released on November 15.

“The platform is now operating smoothly,” said Poloniex in the most recent update about resuming deposit and withdrawals. The exchange has enrolled a “top-tier security auditing firm” to improve the security of user funds and will be set to continue withdrawals soon, according to the company.

“Currently, they are in the final stages of the security audit and verification processes for Poloniex. Upon completion of the audit, we will promptly resume deposit and withdrawal services on our platform.” The firm says the “evaluation process” is continuing and may take several more days to complete.

Poloniex was the victim of a major security breach on November 10, with hackers swiping at least $100 million in cryptocurrency from the platform. Poloniex’s security team promptly disabled the exchange after learning of the questionable withdrawals. Blockchain security firm CertiK says the hack was possibly a “private key compromise.”

Sun, who acquired Poloniex in 2019, added a post on X (formerly Twitter) shortly after Poloniex incapacitated the wallet, saying that a team was already examining the hack. Sun pledged to fully compensate all users impacted by the breach, contending that Poloniex “maintains a healthy financial position” and seeks partnerships with other exchanges to retrieve the stolen funds.

Poloniex agreed to pay a $7.6 million settlement earlier this year, which was ordered by the United States Treasury Department Office of Foreign Asset Control in relation to over 65,000 clear violations of numerous sanctions programs.

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