Crypto Updates

Poloniex to Resume Operations after $100M Hack

Crypto hacking

Poloniex, the cryptocurrency exchange compromised
for $100 million on November 10, has provided an update on its recovery
efforts. The company said that the steps to restore its operations were almost
done and that the platform was operating smoothly.

Poloniex’s team has engaged a security auditing firm
to fortify the platform’s defense. Once the audit is complete, the company will
resume deposits and withdrawals.

Poloniex’s owner, Justin Sun, has been actively
involved in addressing the aftermath of the hack. Immediately after the
security breach, Sun assured users that they would receive a full reimbursement.
He emphasized that Poliniex’s financial position had not been affected by the
hack and initiated collaborations with other exchanges to recover the lost

The security violation of Poliniex was identified by
blockchain security firms PeckShield and Cyvers. The red flags raised by
blockchain security firms forced Poloniex to disable its wallets. Sun,
Poloniex’s investor and Tron’s Founder acknowledged the breach and offered a
“white hat bounty.” to the hackers if they returned the loot.

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