According to Cointelegraph: The United Kingdom's Financial Conduct Authority (FCA) has added the Seychelles-based cryptocurrency exchange, Poloniex, to its list of cautioned, non-authorized companies. Poloniex is one of three companies connected to entrepreneur Justin Sun that has faced four hacks in the last two months.
The FCA published the warning on December 6, stating that "firms and individuals cannot promote financial services in the UK without the necessary authorization or approval." The regulator reminds the public that they cannot rely on financial law protection when dealing with unauthorized entities.
Poloniex fell victim to a $100 million hack on November 10. According to Poloniex, the platform has "mostly completed" its restoration efforts and was preparing to resume withdrawals and deposits by the end of November. On December 5, deposit and withdrawal services for certain cryptocurrencies were resumed via the Tron network.
Justin Sun, the founder of Tron, also owns HTX (formerly known as Huobi), another cryptocurrency exchange. Platforms linked to Sun have faced four hacks in the past two months. In September, HTX lost $8 million due to an attack, followed by a substantial loss of $30 million due to a hot wallet breach in late November.
Additionally, HTX’s HECO Chain bridge, a tool for moving digital assets between HTX and other networks like Ethereum, fell prey to hackers who forwarded at least $86.6 million to suspicious accounts.
