JUSTIN SUN LED POLONIEX SET TO RESUME OPERATIONS AFTER RECENT HACK

$BTC

Poloniex, a cryptocurrency exchange, is set to resume operations after a recent hack under the leadership of Justin Sun, the founder of TRON. The exchange was hacked in mid-October, resulting in the loss of around 1,800 Bitcoin (BTC), worth approximately $20 million at the time.

Following the hack, Sun's TRON Foundation acquired Poloniex and has been working to enhance the platform's security measures. The exchange is now ready to resume full operations, ensuring that users' funds are secure.

Sun has stated that the TRON Foundation has implemented a comprehensive plan to improve Poloniex's security and risk management systems. The exchange has undergone a thorough review and upgrade of its infrastructure and has implemented enhanced security measures to prevent future hacks.

Poloniex will also introduce a new insurance fund to provide an additional layer of protection for users' funds. This fund will be used to cover any potential losses in the event of a hack or security breach.

Additionally, Poloniex will introduce a new feature called "Socialized Losses," which will distribute any losses incurred during a hack across all users. This mechanism aims to ensure that no individual user bears the full burden of a security breach.

The resumption of operations for Poloniex is a significant step forward for the exchange and its users. With the implementation of enhanced security measures and risk management systems, the exchange aims to rebuild trust and provide a secure trading environment for its users.