Poloniex Hacked: Why Europeans Are Turning to Regulated Exchange Bit2Me

Poloniex, one of the oldest cryptocurrency exchanges founded in 2014 by Tristan D'Agosta, has been facing questions about its legitimacy and security. In 2022, the Seychelles Financial Services Authority confirmed that Poloniex's historical entity, Polo Digital Assets Ltd., was dissolved on January 1st, 2022, and never held authorization to operate as a virtual asset service provider (VASP). This lack of authorization is a major red flag for users seeking a secure and regulated exchange. In contrast, Bit2Me, another European cryptocurrency exchange, has been gaining popularity due to its strong regulatory framework, insured custody, and multilingual support.

Poloniex's reputation took a hit in November 2023 when attackers drained the exchange's hot wallets for over $114 million. While Justin Sun, Poloniex's owner, pledged reimbursement from operating revenue, there is no regulated guarantee framework equivalent to the European one. This lack of protection leaves users vulnerable and uncertain about their funds.

Bit2Me, on the other hand, offers a range of benefits that make it an attractive alternative to Poloniex. The exchange has been operating since 2014 with no security incidents, and its assets are insured under a $150 million policy. Bit2Me also accepts free SEPA deposits and provides multilingual support, making it a more user-friendly option for European customers.