Poloniex prepares to resume withdrawals after $100M hack

Bitcoin News

Cryptocurrency exchange Poloniex is preparing to resume withdrawals and deposits after suffering a $100-million hack on Nov. 10.

Poloniex took to X (formerly Twitter) on Nov. 29 to announce that it will be gradually resuming deposit and withdrawal services on Nov. 30 at 2:00 am UTC.

The crypto exchange stressed that it will implement a phased resumption of the services to “prioritize the safety” of user funds. Poloniex will specifically start restoring Tron (TRX) deposits and withdrawals first, followed by Bitcoin (BTC), Ether (ETH), Tether (USDT) and other cryptocurrencies “within the next two weeks,” the announcement said.

In addition to restoring withdrawals, Poloniex said it is actively working on introducing new listings, which will be available in the near future. The exchange also requested that all users utilize the newly updated deposit addresses once they become available. The announcement stated:

“Please note that failure to use the updated addresses for deposits will result in the funds not being credited. We apologize for any inconvenience this may cause and appreciate your understanding.”

In the same announcement, Poloniex also promised to conduct an airdrop for users who keep their assets on Poloniex. Developed in partnership with HTX DAO, the airdrop campaign is expected to launch in December, with asset balance calculation commencing on Dec. 1. Tron founder Justin Sun previously announced the airdrop plan on Nov. 24.

Related: Crypto exchange HTX reinstates Bitcoin services after $30M hack

“The tokens for the airdrop will be drawn from a premium project that is about to be listed. We will unveil the specific details of this event in December,” the announcement notes.

In addition to prioritizing Justin Sun-founded Tron for withdrawals, Poloniex also tagged the entrepreneur in the announcement on X. Sun-linked crypto platforms, including HTX and Poloniex, have been hacked four times over the past two months, losing nearly $240 million combined.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Products You May Like

Articles You May Like

JPMorgan CEO Jamie Dimon says AI is not just hype — ‘This is real’
Jamie Dimon on Capital One’s $35.3 billion Discover acquisition: ‘Let them compete’
Hong Kong property stocks jump after city scraps cooling measures
Here’s why investors should stop worrying so much about concentration risk in the market
Read Warren Buffett’s 2024 annual letter to shareholders

Leave a Reply

Your email address will not be published. Required fields are marked *