Cryptocurrency exchange Poloniex has declared its return to the scene. They have unveiled plans to restore operations after falling victim to a massive hack that resulted in losses exceeding $100 million.
The exchange made assured users of enhanced safety measures in a bold announcement on November 15. They are currently following rigorous restoration efforts.
The majorly addresses concerns about its deposit and withdrawal services. The team has highlighted their commitment to security by enlisting a top security audit firm. The audit firm will thoroughly assess safety levels before the exchange resumes full functionality.
Services will slowly restart at Poloniex
Once the evaluation and verification processes are the exchange aims to promptly restart deposit and withdrawal services. They also want the security audit to be completed before they restart their services.
Although their approach has garnered applauses from the crypto community, it hints that activities may not resume immediately.
Justin Sun, who acquired Poloniex in 2019, stood firm in these difficult times. He pledged a full scale investigation and full transparency. “All lost funds will be recovered,” Sun assured, acknowledging the severity of the breach.
security firm PeckShield flagged the $100 million hack, by blockchain on November 10, prompted Poloniex to swiftly deactivate its wallet and initiate a temporary pause on major activities. Initial reports point to a potential compromise of private keys, with hackers executing multiple transactions and swapping stolen assets through various accounts.
Sun announced a 5% white hat bounty amidst the recovery process. He is urging the hacker to return the stolen assets within a seven-day window to avoid law enforcement. Sun is demonstrating a unique approach to resolve this security breach.
The crypto industry is currently grappling with the after effects of the Poloniex hack. User and experts alike call for heightened scrutiny across exchanges, decentralized applications, and networks. The incident is reminder of the challenges within the digital asset landscape and the necessity for security measures.