Cryptocurrency exchange Poloniex, owned by Justin Sun, is on the verge of resuming operations after a significant hack in mid-November, as announced by the company on November 15. The official statement mentioned that the platform has made substantial progress in restoring services following the $100 million hack.
According to the latest update, Poloniex stated, “The platform is now operating smoothly,” signaling the near-completion of restoration efforts. The exchange has engaged a “top-tier security auditing firm” to bolster fund security and is in the final stages of security audits and verifications. Once these processes are concluded, Poloniex plans to promptly resume deposit and withdrawal services.
While the evaluation process is ongoing and expected to take several more days, the exchange remains focused on ensuring a robust security framework. Poloniex did not immediately respond to Cointelegraph’s request for comment.
The security breach on November 10 led to attackers stealing a minimum of $100 million in cryptocurrency from Poloniex, prompting the team to disable the wallet after detecting suspicious outflows. CertiK, a blockchain security firm, suggested the incident might be a result of a “private key compromise.”
Justin Sun, the owner who acquired Poloniex in 2019, took to X (formerly Twitter) to report the ongoing investigation after the wallet was disabled. Sun assured users affected by the breach of full reimbursement, emphasizing Poloniex’s “healthy financial position” and expressing intentions to collaborate with other exchanges for fund recovery.
It’s noteworthy that earlier this year, Poloniex agreed to a $7.6 million settlement with the United States Treasury Department’s Office of Foreign Asset Control, related to over 65,000 apparent violations of various sanctions programs. Despite challenges, the exchange is working diligently to restore confidence and resume normal operations.
