Poloniex Provides Critical Update On Services

November 29, 2023 12:01 pm Comments

The Poloniex Exchange provided a critical update regarding its services on Wednesday.

ProCoin News previously reported that Poloniex was hacked for $100 million. According to Poloniex founder Justin Sun, the hacker who stole the funds has since been identified, though no arrests have been made at the time of this writing.

The popular exchange is now saying that withdrawal services will resume beginning on November 30th, 2023, but on a gradual basis.

On Wednesday, Poloniex announced: “Our deposit and withdrawal services will gradually resume from November 30th, 2023, at 02:00 (UTC). We’ll implement a phased approach starting with enabled TRX deposits and withdrawals, followed by BTC, ETH, USDT, and more within the next two weeks. As appreciation for your continuous support, Poloniex has partnered with HTX DAO for a special airdrop. For more information, please visit https://support.poloniex.com/hc/en-us/articles/19414394314519.”

Coin Telegraph provided more details:

In addition to restoring withdrawals, Poloniex said it is actively working on introducing new listings, which will be available in the near future. The exchange also requested that all users utilize the newly updated deposit addresses once they become available.

Investor and fund manager Travis Kling was critical of Poloniex founder Justin Sun: “Justin Sun has been hacked four times in the last two months: Sep 24th at Huobi for $8m, Nov 10th at Poloniex for $118m,  Nov 22nd at HECO Bridge for $87m, Nov 22nd at Huobi for $14m. He’s a criminal and terrible for crypto and the sooner we get him out, the better.”

The Block had more information on the initial hack:

Initial analysis of the addresses receiving the outflows suggests that over $100 million in crypto assets were taken, according to analyst firms PeckShield and Arkham Intelligence.

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