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Home News

Poloniex hit by major hack, over $114 million in cryptocurrencies stolen

Hackers target multiple wallets in sophisticated attack; Justin Sun confirms incident, vows reimbursement

Buliga Dorin Buliga DorinVerified Author
Nov 10, 2023
1 min. read
Share on TwitterShare on TelegramSend on WhatsappShare on Facebook

Cryptocurrency exchange Poloniex has suffered a significant security breach, with hackers draining its hot wallets of approximately $114 million, according to various on-chain data analyses.

The suspected hack was first identified around 10:55 UTC by blockchain security firms PeckShield and Cyvers. Within minutes, Poloniex announced the disabling of its wallet for maintenance, later confirmed as a response to the hack by investor Justin Sun in a tweet.

The attack was broad, targeting several wallets across multiple blockchains. Arkham’s data indicates that an Ethereum wallet, now labeled as “Poloniex hacker,” executed 357 transactions to funnel out $114 million worth of tokens from Poloniex. Additionally, a wallet on the Tron blockchain moved about $42 million to different wallets.

Poloniex hacker
Poloniex hacker

This incident adds to a growing list of cyber attacks on crypto exchanges, including the recent $8 million HTX hack and significant losses suffered by South Korean exchange Gdac and Deribit in previous months.

Data revealed that the hacker purchased $20 million in tron (TRX), spiking the token’s price by over 25%.

TRX
TRX

Justin Sun tweeted about the ongoing investigation and assured that Poloniex, maintaining a healthy financial position, will fully reimburse the affected funds. He also mentioned exploring collaborations with other exchanges to recover the stolen assets.

Furthermore, Sun announced a 5% white hat bounty for the hacker, providing a seven-day window before proceeding with law enforcement involvement. This move aims to incentivize the return of the stolen funds and mitigate further complications in this high-stakes crypto theft saga.

Tags: Justin SUnPoloniexTRON (TRX)

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