Poloniex crypto exchange continues to exit after $100 million hack

Justin Sun's cryptocurrency exchange Poloniex is preparing to resume operations after a massive attack in November, according to an official company announcement posted on November 15.

In a statement, the company said it has “largely completed” recovery efforts after the $100 million hack.

“The platform is now working smoothly,” Poloniex said in a recent update to its deposit and withdrawal services. The exchange has registered a “high-level security audit firm” to improve the security of funds on Poloniex and is preparing to resume withdrawals soon, the company said.

“We are currently in the final stages of the security audit and validation process for Poloniex. We will resume booking and withdrawal services on the platform as soon as the audit is complete.”

The firm said the “review process” was still ongoing and expected to take more days.

Poloniex did not immediately respond to Cointelegraph's request for comment.

Poloniex suffered a major security breach on November 10, when attackers stole at least $100 million in cryptocurrency from the exchange. The Poloniex team deactivated the wallet after discovering the suspicious flow. According to blockchain security firm CertiK, the incident is likely a “private key compromise.”

Related: Crypto exchange CoinSpot reportedly suffered a $2 million hot wallet hack

Poloniex owner Sun – who acquired the exchange in 2019 – took it to X (formerly Twitter) to report that the team was already investigating the hacking incident after Poloniex disabled the wallet. San Polynex has promised to fully refund users affected by the breach, stating that it “maintains a healthy financial position” and seeks cooperation with other exchanges to recover the lost funds.

In the year In early 2023, he agreed to pay $7.6 million in payments requested by the U.S. Treasury Department's Office of Foreign Assets Control.

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