Famous crypto investor Justin Sun’s cryptocurrency exchange, Poloniex, released an official company announcement on November 15th following a hack attack on the exchange. According to the announcement, the exchange stated that it will continue to serve its customers after the attack. The company mentioned that the platform was targeted with a $100 million attack and that the necessary updates have been largely completed.
Statements from the Poloniex Team
Poloniex, the cryptocurrency exchange, announced in its latest update regarding the resumption of deposit and withdrawal services on the platform that the platform is currently running smoothly. The exchange also revealed that it has assigned a top-level security audit firm to enhance the security of funds on Poloniex and that they are preparing to resume withdrawal operations within a short period of time:
“We are currently in the final stages of security audit and verification processes for Poloniex. Once the audit is completed, we will immediately resume deposit and withdrawal services on our platform.”
Officials from the cryptocurrency exchange also added that the evaluation process is still ongoing and it is estimated to take a few more days.
What Happened on the Cryptocurrency Exchange?
Poloniex experienced a major security breach on November 10th, with hackers stealing at least $100 million worth of crypto assets from the exchange. The Poloniex team subsequently disabled the wallet after discovering suspicious withdrawals. According to the blockchain security firm CertiK, the attack was likely a “private key compromise.”
Justin Sun, who acquired the exchange in 2019, announced shortly after Poloniex disabled the wallet that the team was investigating the hack incident. Sun stated that Poloniex is in a healthy financial position and is seeking collaboration with other exchanges to recover the lost funds, assuring affected users that they will be fully reimbursed.
Earlier this year, Poloniex drew attention by agreeing to pay a settlement fine of $7.6 million related to more than 65,000 apparent violations of multiple sanction programs requested by the U.S. Department of the Treasury’s Office of Foreign Assets Control.
