Poloniex Exchange Services Are Set To Resume After The Hack

Key Points:

• Poloniex exchange services are set to resume after a week of rigorous security checks, with users urged to refrain from recharging during the update.
• The platform plans to update recharge addresses for all users to improve overall security.
• Poloniex also announces comprehensive wallet updates and ongoing security audits following a $125 million hack on November 10.

Poloniex stated that deposit and withdrawal services will resume next week after the team conducts a thorough security check. To enhance security, the team conducted a comprehensive wallet update.

Poloniex Exchange Services to Resume Next Week

After Poloniex exchange services are restored, the platform will update the recharge addresses of all users, and users are advised not to recharge during the update period.

In response to a significant security breach on November 10 that resulted in a loss of approximately $125 million, Poloniex has taken swift action to enhance user fund security.

A malicious actor compromised one of the exchange’s hot wallets, moving over $100 million worth of digital assets, including Ethereum (ETH). While the exchange’s owner, Justin Sun, confirmed an ongoing investigation into the incident, specific details about the theft remain undisclosed.

The Exchange Fortifies Security Measures Following $125 Million Hack

To address the security concerns, Poloniex has engaged an unnamed security firm and is conducting comprehensive security audits. Sun, who acquired the exchange in 2019, posted on social media that the team is committed to fully reimbursing users affected by the breach. He also offered a 5% reward to the hacker for returning the stolen funds.

As part of the security measures, the exchange announced a thorough update on users’ wallets and plans to resume Poloniex exchange services after a week of rigorous security checks.

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