Poloniex revealed its plans to resume operations after falling victim to a significant hack in November. The platform stated that it has largely completed the restoration efforts in the aftermath of the $100 million security breach.
According to Poloniex’s latest update, the platform is now operating smoothly, with deposit and withdrawal services gearing up for a comeback. In a bid to fortify the security of user funds, the exchange has enlisted the services of a top-tier security auditing firm. Poloniex is currently in the final stages of the security audit and verification processes.
Poloniex’s Ongoing Evaluation Process
While the platform is optimistic about the progress made, the evaluation process is still underway. The company anticipates that this process will continue for several more days before reaching completion. Poloniex emphasized its commitment to ensuring a secure environment for users and urged patience as they finalize the necessary security measures.
Poloniex faced a major security breach on November 10, resulting in the theft of at least $100 million in cryptocurrency. The platform promptly disabled the wallet upon discovering suspicious outflows. CertiK, a blockchain security firm, suggested that the incident was likely a result of a “private key compromise.”
Justin Sun’s Pledge and Collaborative Efforts
Owner Justin Sun, who acquired Poloniex in 2019, took to social media to address the situation. Sun assured users that the team was actively investigating the hacking incident and pledged to fully reimburse those affected. He emphasized the exchange’s healthy financial position and expressed intentions to collaborate with other exchanges to recover the lost funds.
In a separate development earlier in 2023, the exchange agreed to a $7.6 million settlement with the United States Treasury Department’s Office of Foreign Asset Control. This settlement addressed more than 65,000 apparent violations of multiple sanctions programs.