Poloniex resumes withdrawal service after security breach

Recently, Poloniex, the cryptocurrency exchange owned by Justin Sun, announced its plans to reestablish its operations following a significant breach mid-November. The platform reported that the restoration efforts subsequent to the $100 million theft have been nearly completed, and it is now functioning smoothly.

Poloniex shared that it has engaged a top-tier security auditing firm to bolster the security of funds on its platform. Currently, the exchange is concluding the security audit and verification processes. Once these are finished, Poloniex aims to quickly resume its deposit and withdrawal services.

“Currently, they are in the final stages of the security audit and verification processes for Poloniex. Upon completion of the audit, we will promptly resume deposit and withdrawal services on our platform.”

The assessment process is ongoing, with the firm anticipating it to take several more days.

After suffering a substantial security breach on November 10, Poloniex disabled its wallet upon detecting the suspicious outflows. It was found that attackers had stolen at least $100 million in cryptocurrency from the exchange. According to CertiK, a blockchain security firm, the incident was likely due to a “private key compromise.”

Following the breach, Poloniex owner Justin Sun assured to fully reimburse the affected users, emphasizing the exchange’s “healthy financial position.” He also expressed the intention to collaborate with other exchanges to recover the lost funds.

Earlier this year, Poloniex agreed to pay a $7.6 million settlement to the United States Treasury Department’s Office of Foreign Asset Control for more than 65,000 apparent violations of multiple sanctions programs.

Poloniex’s Response to the Breach

Poloniex experienced a major security breach, resulting in the theft of $100 million in cryptocurrency. The company promptly responded by disabling the wallet and initiating an investigation into the incident. Owner Justin Sun reassured affected users that they will be fully reimbursed, leveraging the exchange’s strong financial position and seeking collaboration with other exchanges to recover the lost funds.

• Poloniex is preparing to resume deposit and withdrawal services.
• The exchange enlisted a top-tier security auditing firm to enhance fund security.
• Justin Sun assured full reimbursement to the affected users
• Collaboration with other exchanges is being sought to recover the lost funds.

Security Measures and Settlement

As part of its efforts to bolster security, Poloniex engaged a top-tier security auditing firm to conduct a thorough assessment and verification processes. Meanwhile, the exchange also agreed to a $7.6 million settlement with the United States Treasury Department’s Office of Foreign Asset Control for multiple apparent violations of sanctions programs.

Despite the security breach, it is clear that Poloniex is committed to reinforcing its security measures to provide a safe and reliable platform for its users.

Editor Notes

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