Poloniex exchange hacked for millions.
The cryptocurrency industry is licking the wounds of another major security breach. On Friday, Poloniex confirmed that hackers had gained authorized access to funds on the platform. On-chain data shows that the hacker has already siphoned over $120 million worth of cryptocurrencies from Poloniex.
We are investigating the hack incident. #Poloniex maintains a healthy financial position and will fully refund the affected funds.
We are granting 5% 𝘄𝗵𝗶𝘁𝗲 𝗵𝗮𝘁 𝗯𝗼𝘂𝗻𝘁𝘆 to the Poloniex hacker in exchange for returning the funds to the following ETH/TRX/BTC wallets.
— Poloniex Exchange (@Poloniex) November 10, 2023
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While investigations continue, early indications suggest that the security breach was due to a compromised private key. The hackers accessed funds across various networks including Bitcoin, Ethereum, XRP and Tron.
At the time of writing, the hacker’s loot is worth an estimated $127 million, helped by a green day in the crypto market. Ethereum (ETH). According to data from Arkham Intelligence, Tron (TRX) and Bitcoin (BTC) account for over 80% of the amount stolen.
Poloniex hacker
According to XRP forensics, 3.1 million XRP have been lost so far.
About 30 minutes ago, a Poloniex hot wallet was emptied for 3.1 million XRP. This happened at the same time as the incident on other chains including ETH, BTC and Tron. We have flagged the affected accounts and are tracking the funds.https://t.co/r9FsO8euLe
– XRP Forensics (XRPLF) (@xrpforensics) November 10, 2023
According to Look on Chain, 577 billion Shiba Inu are lost.
Poloniex hackers stole a total of about $118 million in assets on #Ethereum and #Tron 2 hours ago.
Including:
$32.7 million
$443 BTC ($16.5M)
$6,103 ETH ($12.7M)
6.75 million USDC
$577 billion SHIB ($4.74 million)
25.5 tons of ELON ($4.15 million)
3.65 million USDD
$197.7MOX ($2.67M)
… #PoloniexHackerhttps://t.co/I3gBm9XJwQ pic.twitter.com/cFayIJCOOd
– Lookonchain (@lookonchain) November 10, 2023
Poloniex offers a 5% bounty and promises a refund
Poloniex, owned by popular crypto entrepreneur Justin Sun, has taken measures to reassure affected customers following today’s incident. According to an update from Justin Sun later posted on the official Poloniex handle, the exchange will issue a refund to affected users.
Additionally, Poloniex offers the hacker a 5% bounty if he agrees to return the stolen funds. Accepting such a bounty means that the hacker can keep $6.35 million of the total amount and return the remaining amount to the wallet addresses already published by Poloniex.
We are offering a 5% white hat bounty to the Poloniex hacker. Please send the funds back to the following ETH/TRX/BTC wallets. We will give you 7 days to review this offer before contacting law enforcement.
ETH wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132 TRX:…
— SE Justin Sun Sun Yuchen (@justinsuntron) November 10, 2023
At the time of writing, there is no evidence that the hacker has accepted this offer as the addresses provided have not received any new deposits.
However, as part of diplomatic measures, Poloniex gave the hackers a seven-day ultimatum to return the funds while maintaining the bounty. The exchange threatened to involve law enforcement if the hacker refused to comply with this obligation. It has already worked with other crypto exchanges to recover all funds deposited on their platforms.
Meanwhile, Poloniex sought to reassure users that it was well capitalized and would refund 100% of lost user funds regardless of the outcome of its investigations. The exchange has raised over $300 million Trading volume User withdrawals are still being stopped in the last 24 hours at the time of writing.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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