Bitcoin

Poloniex Bounces Back Stronger: Resumes Withdrawals Following $100M Hack!

Poloniex to Resume Operations After $100 Million Hack

Poloniex, the cryptocurrency exchange owned by Justin Sun, is preparing to resume operations following a major hack in mid-November. In an official company announcement on November 15, Poloniex stated that it has mostly completed the restoration efforts after the $100 million hack.

The exchange revealed that it has enlisted a top-tier security auditing firm to enhance the security of funds on the platform. Poloniex is currently in the final stages of the security audit and verification processes, and upon completion, it will promptly resume deposit and withdrawal services.

The evaluation process is estimated to take several more days, and Poloniex did not immediately respond to requests for comment.

On November 10, Poloniex suffered a major security breach, with attackers stealing at least $100 million in cryptocurrency. The Poloniex team disabled the wallet after discovering suspicious outflows. The incident was likely a private key compromise, according to the blockchain security firm CertiK.

Justin Sun, the owner of Poloniex, took to X (formerly Twitter) to report that the team was already investigating the hacking incident. Sun promised to fully reimburse the affected users and stated that Poloniex maintains a healthy financial position. The exchange is also seeking collaborations with other exchanges to recover the lost funds.

Earlier this year, Poloniex agreed to pay a $7.6 million settlement to the United States Treasury Department’s Office of Foreign Asset Control for multiple apparent violations of sanctions programs.

Protecting Your Crypto in a Volatile Market

In a volatile market, it is crucial to safeguard your cryptocurrency investments. Bitcoin OGs and experts have shared their insights on how to protect your crypto:

– Ensure you store your crypto in secure wallets, preferably hardware wallets that are not connected to the internet.

– Use strong, unique passwords for your crypto accounts and enable two-factor authentication.

– Regularly update your software and firmware to protect against potential vulnerabilities.

– Be cautious of phishing attempts and carefully verify the authenticity of websites and communication related to your crypto.

– Diversify your investments and avoid putting all your eggs in one basket.

By following these best practices, you can better protect your crypto assets and mitigate the risks associated with a volatile market.

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