Poloniex Exchange is Suspected of Being Hacked; Potential Losses Exceed $100 Million

Justin Sun’s poloniex poloniex - Decentralised Exchange exchange is suspected of being stolen, with potential losses exceeding $60 million and later confirmed to $100 million.

The hacker transferred large assets, including USDT, BTC, USDD, and USDC, totaling over $42.83 million, with only $6.54 million currently frozen.

Poloniex maintains a healthy financial position and plans to fully reimburse affected funds while also exploring collaboration with other exchanges for recovery efforts. The total losses for Poloniex (Ethereum+Tron) exceed $100 million.

Justin Sun’s Poloniex exchange was suspected of being hacked. The exchange wallet was disabled for maintenance, and it has been revealed that assets worth over $100 million were stolen. The hackers managed to transfer large amounts of USDT, BTC, USDD, and USDC to other addresses before the wallet was disabled.

Poloniex Losses Exceed $100 Million

The Poloniex hack incident has exposed significant vulnerabilities in cryptocurrency exchanges. Poloniex, which also supports Tron, has lost over $100 million in total. The exchange platform has been praised by investors and traders for its transparency and support, and it is expected that the company will undertake significant measures to enhance its security protocols to prevent further hacks.

Justine Sun Assures Investors of Safety

Justine Sun took his X (twitter) handle to confirm that the hack did occur but assures its investors that the platform maintains a healthy financial position. The exchange platform is committed to fully reimbursing all affected funds, and it is currently exploring opportunities for collaboration with other exchanges to facilitate the recovery of the stolen funds.

5% Bounty to Hackers to Return Funds

Poloniex has offered a 5% “white hat” bounty to the hacker responsible for the recent attack on its platform. The exchange has requested that the funds be returned to a number of wallets for ETH, TRX, and BTC. Poloniex has given a seven-day period for the hacker to consider the offer before involving law enforcement. The move is aimed at recovering some of the stolen funds and marks a growing trend among crypto companies toward incentivizing hackers to return stolen assets.

In summary, the Poloniex hack incident is a wake-up call to all cryptocurrency exchanges. Investors and traders must be vigilant in selecting their preferred exchange to minimize risks. Despite the hack, Poloniex is committed to fully compensating its affected investors, and the exchange platform’s future remains bright.