Poloniex restores services after $100M hack, users await info on reimbursement plan

cyptouser3 weeks agoCryptocurrencies News21

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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