Poloniex Reveals Details of Fund Withdrawal Post-Hack
Date: 2023-12-03 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Poloniex, the crypto exchange associated with entrepreneur Justin Sun, made an announcement via Sun's social media account (formerly Twitter) that on November 30 at 5:00 AM MSK, it will commence a phased approach to enable fund withdrawals from the trading platform. This update, reported by RBC Crypto, outlines a multi-step process for restoring fund withdrawals: initially permitting users to withdraw funds solely in the Tron (TRX) token, with Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), and other coins becoming available for withdrawal over the following two weeks.
In response to these developments, the TRX token on the Poloniex exchange has been trading at a premium of 3–5% above the market price. This increase is attributed to users aiming to swiftly withdraw their assets, prompting a shift of assets into this particular cryptocurrency.
The recent breach on November 10 compromised one of the hot wallets associated with the Poloniex exchange, resulting in the theft of over 120 million units. At that time, Justin Sun claimed to have identified the hacker and proposed a $10 million reward for returning the stolen funds. Sun also asserted the involvement of law enforcement agencies from China, the United States, and Russia in investigating the crime.
Furthermore, on Wednesday, November 22, another hack targeted the HTX cryptocurrency exchange (formerly Huobi) and the Heco Bridge service, both belonging to entrepreneur Justin Sun, resulting in losses exceeding $100 million. The entire stolen sum was rapidly transferred to decentralized trading platforms and converted into various tokens.
