Poloniex restores services after $100M hack, users await info on reimbursement plan Poloniex restores services after $100M hack, users await info on reimbursement plan
Poloniex said it has engaged a 'top-tier' security firm to bolster its security.
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Updated: Nov. 15, 2023 at 1:52 pm UTC
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Poloniex said it has resumed deposit and withdrawal services after a recent breach of its hot wallets, according to a Nov. 15 statement.
On Nov. 10, a malicious actor compromised one of the exchange’s hot wallets, moving more than $100 million worth of digital assets, including Ethereum (ETH). At the time, the attacker had used the stolen funds to pump the Tron blockchain’s native TRX token, prompting speculations of an insider job.
Following the incident, Justin Sun, the exchange owner, confirmed that the firm was investigating the hack but failed to disclose specifics regarding the theft. However, he offered a 5% reward to the hacker if he chose to return the stolen funds.
A recent update from Poloniex confirmed that it has nearly completed its efforts to restore wallets, allowing the platform to function smoothly.
“In response to your concerns about Poloniex deposit and withdrawal services, we are pleased to announce that the restoration efforts have mostly been completed, and the platform is now operating smoothly,” Poloniex said.
Meanwhile, the firm has engaged an unnamed “top-tier” security firm to bolster user fund security, though ongoing security audits are still underway. Following these audits, the platform plans to resume deposit and withdrawal services promptly.
Poloniex has yet to respond to CryptoSlate’s request for additional commentary.
The exchange has yet to provide public information on its plan to reimburse affected users. However, Sun had previously assured the community that Poloniex was in a healthy financial position and would fully reimburse the affected funds.
Meanwhile, Poloniex is not the only Sun-linked exchange that has recently suffered a hack. In September, HTX was compromised in an exploit that resulted in a loss of $7.9 million. However, the attacker returned all of the assets siphoned from the platform.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Poloniex
Poloniex is a US-based cryptocurrency exchange platform offering a wide variety of digital assets.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
