Poloniex Provides Update After Massive Security Breach

By Vince • November 15, 2023 12:54 pm • Comments

Poloniex has provided an update following a security breach that left more than $100 million drained from the exchange.

ProCoin News previously reported that the exchange, founded by Justin Sun, was hacked on November 10, 2023. Sun has already offered a 5% bug bounty to the hacker in exchange for the stolen funds.

Sun informed the hacker that he had seven days from when the announcement was made to return the funds or the exchange would contact law enforcement. At the time of this writing, five days have elapsed since Sun issued his ultimatum.

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It remains to be seen if the hacker complies and returns the stolen funds; however, Poloniex recently announced that normal service has almost been restored.

On Wednesday, the Poloniex Exchange announced: “The wallet restoration efforts have mostly been completed, and [the] Poloniex trading system is operating smoothly. We are fortifying security through a top-tier audit that is nearing completion. After the audit, we’ll resume full services.”

Poloniex also said in an official press release:

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.

To enhance the security of our platform’s funds, we have enlisted a top-tier security auditing firm in the industry. 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.

Directly following the hack Justin Sun announced: “We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.”

Daily Coin explained:

Last week’s security breach at Poloniex resulted in an estimated loss of $125 million across multiple blockchain networks, according to security firm PeckShield.

Initial estimates at the time of the hack pegged the loss at $100 million. However, the exchange has yet to confirm the exact amount stolen, leaving the community to speculate on the true figure.

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