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.
ETH Wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132 TRX:…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023

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

Share: Cryptos feed

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.