Justin Sun confirms Poloniex hack, assures users of 100% reimbursement
- Tron founder Justin Sun's Poloniex exchange has been confirmed to be hacked for $125 million.
- Sun announced that the hacker would receive a 5% white hat bounty if they returned the stolen funds within the next seven days, post which authorities would be involved.
- The stolen assets were majorly distributed among ETH, BTC and TRX along with some small cap altcoins such as FLOKI, AAVE, etc.
Justin Sun-owned cryptocurrency exchange Poloniex has been hacked for about $125 million. Sun took to X, formerly Twitter, to confirm the same even offering a white hat bounty and seven days of time before taking the matter to authorities. While no major price impact has been noted, the stolen assets included some major tokens such as ETH, BTC, XRP and many more.
Poloniex exchange drained of $125 million in cryptocurrencies
Blockchain security firm PackShield tweeted on Friday about an exploit on Poloniex. The centralized cryptocurrency exchange is reportedly under attack and exploiters have drained the platform’s wallets of around $125 million in crypto.
The firm identified suspicious crypto transfers from the exchange’s wallet to the attacker’s. The hot wallet lost nearly $125 million, and the outflow is on at the time of writing.
PeckShield identifies suspicious transactions from Poloniex hot wallet
Less than an hour ago, Poloniex tweeted about its exchange wallet. The crypto exchange platform noted that their wallet has been disabled for maintenance and the thread on X will be updated with more information once the wallet has been re-enabled.
Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.
— Poloniex Customer Support (@PoloSupport) November 10, 2023
Justin Sun offers 5% white hat bounty to Poloniex hacker
Justin Sun asked the Poloniex hacker to return funds to the ETH/TRX/BTC wallets within a week, before the exchange engages law enforcement. Sun shared the three wallet addresses in his recent tweet on X.
We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023
ETH Wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132 TRX:…
Sun assured Poloniex users that the exchange is currently investigating the hack and maintains a healthy financial position. Sun informed the community that there will be full reimbursement of affected funds and the exchange is currently working on collaborating with other crypto platforms to facilitate recovery of hacked assets.
We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
