Poloniex to Reach Regulators before Clearing White Hat ETC Withdrawals

Poloniex, one of the leading digital currency exchanges, is waiting for clearance from law enforcement agencies before it can release millions of dollars’ worth of Ethereum Classic (ETC) tokens. The exchange made an announcement about the recent developments on Twitter earlier today.

Earlier this month, Poloniex, along with Kraken, received over $10 million worth of ETCs from the so-called White Hat DAO group. The group had sent ETC recovered from the stolen DAOs to these platforms with an intention of converting them to ETH. But sensing foul play, both Kraken and Poloniex had frozen these deposits.

READ MORE : Ethereum Developers Attempt to Dump Over 7 Mil ETCs into Exchanges

Close to a month after the incident, Poloniex is now ready to allow the parties to withdraw their ETCs from the platform. But given the implications of such an action, the exchange has got in touch with the relevant law enforcement authorities. The authorities, who probably are already involved in the investigation of White Hat DAO team, will have to give a go-ahead for Poloniex to distribute the ETCs to its rightful owners.

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Read more ... source: NewsBTC USA