- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.