After suffering a major loss on Nov. 10, Justin Sun’s Hacked cryptocurrency exchange Poloniex has engaged a ‘top-tier’ security firm to bolster its security.
Thank you for reading this post, don't forget to subscribe!
Justin Sun’s cryptocurrency exchange, Poloniex, is gearing up to recommence its operations following a significant hack in November, as per an official announcement posted on November 15.
According to the statement, the platform has almost finished the restructuring process to prevent further reoccurrence. “The platform is now operating smoothly,” Poloniex said in its most recent update on the resumption of deposit and withdrawal services.
The exchange has engaged the services of a top-tier security auditing firm to bolster the security of funds on Poloniex and is getting ready to resume withdrawal services shortly.
“Currently, they are in the final stages of the security audit and verification processes for Poloniex. Upon completion of the audit, we will promptly resume deposit and withdrawal services on our platform.”
The firm added that the “evaluation process” is still ongoing and is estimated to take several more days.
What Happened To Poloniex
On Nov. 10, millions of crypto assets were transferred from an account labeled Poloniex 4 on Etherscan. Initial estimates of the losses were around $60 million. However, it was later determined that over $100 million was taken by the attackers.
According to blockchain security firm CertiK, the incident was likely a “private key compromise.” The security firm also noted that the funds have already been transferred to four externally owned accounts, with some accounts being swapped into Ether
Justin Sun, who acquired the exchange in 2019, posted on X that the team is already investigating the hacking incident. According to Sun, they will fully reimburse the users affected by the breach. The executive claimed that the exchange “maintains a healthy financial position” and is looking for collaborations with other exchanges to recover the lost funds
Sun has however offered a 5% white-hat bounty to the Poloniex hacker. The executive said that they will give the attacker seven days to return the funds before they start working with law enforcement authorities