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Poloniex to Resume Deposits and Withdrawals After Hack
After a major hack, Poloniex, the cryptocurrency exchange, is set to resume its deposits and withdrawals in the upcoming week. This announcement comes as the security team continues to work on patches and checks. The operations will go live followed by a comprehensive wallet update. It is strictly advised not to make any deposits during the update to avoid financial losses.
X Confirms Compromised Wallets and Stolen Funds
Poloniex CEO Justin Sun confirmed that numerous wallets were compromised during the hack, resulting in around $114 million in stolen funds. The firm also promised a 5% whitehat bounty if the hacker released the funds.
Poloniex Freezes Attacker’s Funds
Peckshield Inc., a blockchain security firm, is currently investigating the hack. The confirmation has been made that the attacker’s address has been detected and the funds are frozen, preventing them from being moved to other financial parties. Poloniex has warned the hacker to return the funds before November 25, 2023, or face legal action with the help of authorities from multiple countries.
Restoration Efforts and Recent History
The exchange has “mostly completed” its restoration efforts following the $100 million theft. Earlier in 2023, Poloniex agreed to pay a $7.6 million settlement to the US Treasury Department’s Office of Foreign Asset Control in connection with more than 65,000 suspected violations of different sanctions programs.
Hot Take: Proceed with Caution When Investing in Cryptocurrencies
As an investor, it’s crucial to conduct thorough market research before making any investment in cryptocurrencies to mitigate the risk of financial loss. While Poloniex is one of the oldest crypto exchanges, it has faced challenges such as the recent hack and legal settlements. Always consider the market conditions and do your due diligence before making any investment decisions.
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Credits:
– CoinGape(IServiceCollection). Poloniex to Resume Deposits and Withdrawals After Major Hack. https://coingape.com/poloniex-to-resume-deposits-and-withdrawals-after-major-hack/(Accessed 11th December 2023)
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