Ethereum

<a href="https://cryptoslate.com/companies/poloniex/" rel="noopener noreferrer nofollow">Poloniex</a> said it has resumed deposit and withdrawal services after a recent breach of its hot wallets, according to a Nov. 15 <a href="https://support.poloniex.com/hc/en-us/articles/19080588734743" rel="noopener noreferrer nofollow">statement</a>.
On Nov. 10, a malicious actor <a href="https://cryptoslate.com/crypto-exchange-poloniex-hit-by-1000-million-theft-hacker-boosts-trx/" rel="noopener noreferrer nofollow">compromised </a>one of the exchange’s hot wallets, moving more than $100 million worth of digital assets, including Ethereum (<a href="https://cryptoslate.com/coins/ethereum/" rel="noopener noreferrer nofollow">ETH</a>). At the time, the attacker had used the stolen funds to pump the Tron blockchain’s native <a href="https://cryptoslate.com/coins/tron/" rel="noopener noreferrer nofollow">TRX</a> token, prompting speculations of an insider job.
Following the incident, Justin Sun, the exchange owner, confirmed that the firm was investigating the hack but failed to disclose specifics regarding the theft. However, he offered a 5% reward to the hacker if he chose to return the stolen funds.
A recent update from Poloniex confirmed that it has nearly completed its efforts to restore wallets, allowing the platform to function smoothly.
<blockquote>
 “In response to your concerns about Poloniex deposit and withdrawal services, we are pleased to announce that the restoration efforts have mostly been completed, and the platform is now operating smoothly,” Poloniex said.
</blockquote>
Meanwhile, the firm has engaged an unnamed “top-tier” security firm to bolster user fund security, though ongoing security audits are still underway. Following these audits, the platform plans to resume deposit and withdrawal services promptly.
Poloniex has yet to respond to CryptoSlate’s request for additional commentary.
The exchange has yet to provide public information on its plan to reimburse affected users. However, Sun had previously assured the community that Poloniex was in a healthy financial position and would fully reimburse the affected funds.
Meanwhile, Poloniex is not the only Sun-linked exchange that has recently suffered a hack. In September, HTX was <a href="https://cryptoslate.com/justin-sun-confirms-8-htx-exploit-attacker-offered-5-bounty-and-a-security-advisor-role-to-return-funds/" rel="noopener noreferrer nofollow">compromised</a> in an exploit that resulted in a loss of $7.9 million. However, the attacker <a href="https://twitter.com/lookonchain/status/1710650621018468487" target="_blank" rel="noopener noreferrer nofollow">returned</a> all of the assets siphoned from the platform.&nbsp;
The post <a href="https://cryptoslate.com/poloniex-restores-services-after-100m-hack-users-await-info-on-reimbursement-plan/" rel="noopener noreferrer nofollow">Poloniex restores services after $100M hack, users await info on reimbursement plan</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

Poloniex restores services after $100M hack, users await info on reimbursement plan

CryptoSlate

Other articles published on Nov 15, 2023

Bitcoin Mining Giant Marathon Pivots to International Ventures Ahead of Halving

CBDCs and AI’s role in financial inclusion

The Investment Arm of Bitcoin Exchange Binance Announced That It Is Investing in the Altcoin Proj...

What is an appchain and Why is everyone talking about it?

Navigating the AI Landscape: Legal and Ethical Implications in Business Practices

Bitcoin (BTC) Price Predicted to Reach $600,000 by Cathie Wood

Join our free newsletter for daily crypto updates!