Poloniex to Resume Withdrawals Starting With TRX After $100M Hack
Cryptocurrency exchange Poloniex has announced that it will gradually resume withdrawal and deposit services beginning on November 30. This comes after the platform experienced a significant hack earlier this month, resulting in an estimated loss of $100 million.
Precautions After Poloniex Hack
Poloniex has advised users to only deposit funds to the newly updated wallet addresses once they are live, as funds sent to old addresses may not be credited. The exchange likely implemented new wallets as a precaution following the hack.
Upcoming Airdrop for Poloniex Users
In an effort to restore confidence, Poloniex has also announced an upcoming airdrop for users who keep their holdings on the exchange. The details of the airdrop have not yet been revealed, but it will involve tokens from a premium project soon to be listed on the exchange.
Tron Transactions First to Be Re-Enabled
Poloniex’s decision to re-enable Tron transactions first is not surprising given its close ties to Justin Sun, the founder of Tron. Sun assisted in acquiring Poloniex from Circle in 2019 and is an investor in the exchange.
Hacks Still a Threat for Crypto Exchanges
Despite security improvements, cryptocurrency exchanges continue to be vulnerable to hacks. A recent report revealed that there have already been 330 cryptocurrency hacks in 2023, resulting in losses of $2.1 billion. Exchanges are urged to adopt stronger security frameworks and internal controls to protect user funds.
Hot Take: Poloniex Takes Steps to Recover After Hack
Cryptocurrency exchange Poloniex is working to recover after a major hack that resulted in a loss of $100 million. The exchange will gradually resume withdrawal and deposit services, starting with TRX transactions. Users are advised to use the newly updated wallet addresses to ensure their funds are credited. Poloniex is also planning an airdrop for users and re-establishing transactions for other cryptocurrencies. Hacks continue to be a threat in the crypto industry, highlighting the need for stronger security measures among exchanges.
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