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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. 

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. 

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. 

 

 

 

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