Justin Sun-Backed Poloniex Bounces Back: Resuming Operations after $100M Hack

<p>Poloniex, the cryptocurrency exchange compromised
for over $100 million on November 10, has provided an update on its recovery
efforts. The company said that the steps to restore its operations were almost
complete and that the crypto exchange was operating smoothly. </p><p>Poloniex's team has engaged a security auditing firm
to fortify the platform's defense. Once the audit is complete, the company will
resume deposits and withdrawals.</p><p>Poloniex Fights Cyber
Threats</p><p>Poloniex's owner, Justin Sun, has been actively
involved in addressing the aftermath of the hack. Immediately after the
security breach, Sun assured users that they would be reimbursed.
He emphasized that Poloniex's financial position had not been affected by the
exploit and that he was collaborating with other exchanges to recover the lost
funds. </p><p>This <a href="https://www.financemagnates.com/cryptocurrency/justin-suns-poloniex-loses-over-100m-in-hot-wallet-hack/" target="_blank" rel="follow">security violation</a> was identified by
<a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a> security firms PeckShield and Cyvers. The red flags forced Poloniex to disable its wallets. Sun,
Poloniex's investor and Tron's Founder acknowledged the breach and offered a
"white hat bounty" to the hackers as an incentive to return the loot.</p><blockquote><p lang="en" dir="ltr">