Justin Sun’s Poloniex Resumes Services Post Multi-Million-Dollar Cyber Breach

After experiencing a multi-million-dollar hack last week, Poloniex, the centralized cryptocurrency exchange platform owned by Tron founder and crypto entrepreneur Justin Sun, has resumed deposit and withdrawal services. However, the platform has not provided any updates regarding its reimbursement plan for the victims

Poloniex said users of its platform can make deposits and withdrawals as it resumed its services Wednesday.

“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,” the exchange said in its latest statement.

To fortify its security and to ensure the safety of funds in its platform, Poloniex hired a security auditing firm and shared that it is currently in its final stages of security audit and verification.

“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,” the exchange said.

On Nov. 10, Poloniex saw over $126 million worth of crypto assets siphoned from its coffers because of what the team said, was a “hacking incident.”

Sun confirmed the incident and said they were investigating the hack but, unfortunately, did not disclose the specifics of the theft.

“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,” Sun said.

The exchange’s owner also offered a 5% reward to the hackers in case they chose to return the stolen funds, just like what he did when Huobei was hacked in the past.

“We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement,” the tweet read.

Sun also offered an update on the incident the day after the “hack” happened.

“The Poloniex team has successfully identified and frozen a portion of the assets associated with the hacker’s addresses. At present, the losses are within manageable limits, and Poloniex’s operating revenue can cover these losses,” Sun said in a tweet.

“Additionally, the team has restored Poloniex’s systems, preserved relevant evidence, and in the coming days, we will work diligently to gradually resume deposits and withdrawals on Poloniex, ensuring 100% security. Apologize for any inconvenience this may have caused,” the crypto entrepreneur said in another tweet.