According to Cointelegraph: Cryptocurrency exchange Poloniex, owned by Justin Sun, is readying to resume operations after suffering a significant security breach in mid-November. According to an official company announcement made on November 15, restoration efforts following the $100 million hack have been majorly completed.
Poloniex stated that their platform is now operating smoothly, pointing out that they've enlisted the help of a top-tier security auditing firm to boost the security of funds on Poloniex. They also said withdrawal services would soon resume, stating, "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." However, they clarified that the evaluation process is still ongoing and is expected to take several more days.
The major security breach occurred on November 10, with attackers stealing at least $100 million in cryptocurrency from the exchange. This prompted Poloniex to disable the wallet after detecting suspicious outflows. Blockchain security firm CertiK suggested that the incident likely involved a "private key compromise."
Owner Justin Sun confirmed the team was investigating the incident shortly after Poloniex suspended its wallet. He assured that users affected by the breach would be fully compensated as Poloniex maintains a strong financial position. Sun also said they were exploring collaboration opportunities with other exchanges to regenerate the lost funds.
Earlier this year, Poloniex agreed to a $7.6 million settlement requested by the United States Treasury Department’s Office of Foreign Asset Control concerning over 65,000 apparent sanctions program violations.