Crypto Exchange Poloniex Nears Full Restoration After $125M Exploit

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Poloniex is gearing up to resume deposit and withdrawal services on its platform less than a week after a massive security breach. In the latest update, Poloniex stated that the majority of the restoration work has been finished, and the cryptocurrency exchange is currently functioning without issues.

The platform disclosed its collaboration with a leading security auditing firm in the industry and is currently in the final phases of the security audit and verification process.

  • Once the audit is successfully concluded, Poloniex said that it will promptly reinstate deposit and withdrawal services.
  • The evaluation process is currently underway and is expected to last several more days, according to the official blog post.

“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 was hacked on November 10th by unknown attackers who specifically targeted the platform’s hot wallets, draining $125 million in 175 different cryptocurrencies.
  • Tron founder Justin Sun, who acquired Poloniex in 2019, acknowledged the security breach in a public statement and announced a 5% white hat bounty, encouraging the attacker to return the stolen funds.
  • The exec had also revealed that the perpetrators targeted various wallets across multiple blockchains, demonstrating a sophisticated strategy.
  • According to blockchain analytics company Nansen, Poloniex’s wallet now holds only 175 tokens, equivalent to a mere $10,000.

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