Poloniex Set to Resume Deposit and Withdrawal Services After Security Breach
Poloniex is preparing to restart deposit and withdrawal services following a significant security breach. The majority of the restoration work has been completed, and the exchange is now operational without any issues. Poloniex has collaborated with a leading security auditing firm and is in the final stages of the security audit and verification process.
Resumption of Services Pending Successful Audit
Once the audit is successfully concluded, Poloniex will promptly reinstate deposit and withdrawal services. The evaluation process is ongoing and expected to last several more days, according to an official blog post. In response to concerns about deposit and withdrawal services, Poloniex assured users that restoration efforts have mostly been completed, and the platform is now operating smoothly.
Security Breach Details
- Poloniex was hacked on November 10th by unknown attackers who targeted the platform’s hot wallets, resulting in the loss of $125 million in 175 different cryptocurrencies.
- Tron founder Justin Sun, who acquired Poloniex in 2019, acknowledged the breach and announced a 5% white hat bounty to encourage the attacker to return the stolen funds.
- The perpetrators targeted various wallets across multiple blockchains, demonstrating a sophisticated strategy. According to Nansen, Poloniex’s wallet now holds only 175 tokens, equivalent to a mere $10,000.
Hot Take: Poloniex’s Road to Recovery
Despite facing a major security breach, Poloniex is making strides towards resuming its deposit and withdrawal services. With most of the restoration work completed and a thorough security audit underway, the cryptocurrency exchange aims to reassure its users while also addressing concerns about the recent hack. The collaboration with a leading security auditing firm demonstrates Poloniex’s commitment to enhancing its platform’s security measures.
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