Justin Sun-Backed Poloniex Defies the Odds: Roars Back to Life After $100M Hack!
#Poloniex the cryptocurrency exchange that suffered a substantial $100 million hack on November 10, has provided an encouraging update on its recovery efforts. The platform reported that the steps to restore operations were nearing completion, with the exchange now running smoothly. In a bid to fortify its security measures, Poloniex is currently undergoing a comprehensive security audit, a crucial step before it can fully reinstate deposit and withdrawal services.
The security breach prompted a swift response from Justin Sun, the owner of Poloniex, who has been actively involved in managing the aftermath. Assuring users of reimbursement, Sun emphasized that Poloniex's financial position remained unaffected by the exploit. To incentivize the hackers to return the stolen funds, Sun offered a "white hat bounty." The breach, initially identified by blockchain security firms PeckShield and Cyvers, led to the temporary suspension of Poloniex's wallets.
The #hackers executed coordinated efforts across various blockchains, draining $114 million in tokens from an Ethereum wallet and transferring approximately $42 million on the Tron blockchain. This incident compounds Poloniex's challenges, coming on the heels of a $7.6 million settlement earlier in the year imposed by the United States Treasury Department's Office of Foreign Asset Control. The settlement was linked to allegations of sanction violations by Poloniex, allowing customers from sanctioned regions to engage in digital asset trading between 2014 and 2019. These regulatory woes add to Poloniex's history, including a 2021 settlement of over $10 million for operating an unregistered digital asset exchange with the U.S. Securities and Exchange Commission.
