Poloniex, the cryptocurrency exchange owned by Justin Sun, is gearing up to recommence operations following a major hack in November. In an official announcement on Nov. 15, the company revealed that it has successfully completed most of the restoration efforts after the $100 million security breach.
Smooth Operations Amid Restoration
The platform is currently operating smoothly, according to the latest update on the resumption of deposit and withdrawal services. Poloniex has collaborated with a top-tier security auditing firm to bolster the security of funds on its platform. The exchange is in the final stages of the security audit and verification processes, anticipating a prompt resumption of deposit and withdrawal services upon completion.
Despite the progress, the evaluation process is still ongoing and is expected to take several more days. The platform remains committed to a thorough assessment to ensure a secure and seamless experience for its users.
The November Security Breach, Sun’s Commitment and Collaborations
Poloniex fell victim to a major security breach on Nov. 10, resulting in the theft of at least $100 million in cryptocurrency. The Poloniex team promptly disabled the wallet upon discovering the suspicious outflows. CertiK, a blockchain security firm, suggested that the incident was likely a result of a “private key compromise.”
Justin Sun, the owner of Poloniex, took to social media to address the situation. He assured users that the team was actively investigating the hacking incident and pledged to fully reimburse affected users. Sun emphasized Poloniex’s “healthy financial position” and expressed intentions to collaborate with other exchanges to recover the lost funds.
Past Challenges and Settlements
Earlier in 2023, Poloniex faced regulatory challenges, agreeing to a $7.6 million settlement with the United States Treasury Department’s Office of Foreign Asset Control. The settlement addressed over 65,000 apparent violations of multiple sanctions programs.