Justin Sun’s Poloniex To Resume Operations After $114 Mln Hack

Coingapestaff
November 18, 2023 Updated August 11, 2025
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Justin Sun’s cryptocurrency exchange Poloniex to resume its deposits and withdrawals in the upcoming week after the major hack. As per the announcement, the security team is still working on the patches and checks.

The official X account also mentioned that the operations will go live followed by a comprehensive wallet update. The firm strictly asks users to not make any deposits during the update as it could lead to financial losses.

Poloniex CEO Justin Sun in an X post confirmed that numerous wallets were compromised during the hack, with around $114 Mn in funds stolen. Meanwhile, a 5% whitehat bounty was also promised to be given if the hacker released the funds.

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Poloniex Freezes Attacker’s Funds

Peckshield Inc. a blockchain security firm is right now investigating the hack. Poloniex officials have made the confirmation that the attacker’s address has been detected and the funds are frozen and can’t be moved across other financial parties.

Additionally, Poloniex warned the hacker to return all the funds before November 25, 2023. If not, then legal action would be taken with the help of authorities of multiple countries.

The confirmation on the exploiter came as Justin Sun made some transactions of $0.10 to all the phony wallets carrying the same messages of the attacker’s identity confirmation. In a statement, the exchange has confirmed that it has “mostly completed” its restoration efforts following the $100 million theft.

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About Poloniex Hack

On November 10, Poloniex experienced a catastrophic security breach, with attackers taking more than $100 million in cryptocurrencies from the exchange.

After detecting the abnormal outflows, the Poloniex team disabled the wallet. CertiK, a blockchain security firm, believes the event was most likely a “private key compromise.”

Furthermore, the attackers stole 3.1 million XRP and 577 billion Shiba Inu (SHIB). Poloniex froze withdrawals but assured consumers that the losses would be covered. A week later, the exchange said that deposits and withdrawals would be resumed in the coming week.

Earlier in 2023, Poloniex agreed to pay a $7.6 million settlement to the US Treasury Department’s Office of Foreign Asset Control in connection with more than 65,000 suspected violations of different sanctions programs. For the time being, Poloniex is one of the most old crypto exchanges right back from 2013.

Also Read: OpenAI’s Researchers Exit Amid Leadership Shake-Up Adds Complexity To AI Landscape

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.