Hacker Buys TRX After Poloniex Hacked For More Than $31 Million,

2023/11/10 20:05

A security breach has been reported at Poloniex, resulting in a loss of more than $31 million USD for the crypto exchange.

Total losses are still being calculated as of time of writing, with some estimates placing it above $100 million.

Hi @Poloniex, you may want to take a look: @justinsuntron https://t.co/UobItZ9FpO
— PeckShield Inc. (@peckshield) November 10, 2023

At the time of this report, Poloniex's wallet, post-hack, holds just over $50,000 worth of tokens.

Down For Maintenance

Immediately upon detection, Poloniex went into maintenance mode.

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

This, however, did not stop the hacker from siphoning the funds.

The hacker has also apparently bought $20 million worth of Tron (TRX) - leading to a growth in the token's price by more than 25%.

As of time of publication, Poloniex did not respond to Coinlive's request to comment.

Support From Web3 Community

Poloniex is owned by crypto mogul Justin Sun.

The billionaire, who also owns a founding stake in HTX, purportedly bought the exchange as part of an investment group in 2019.

He has taken to the X (formerly known as Twitter) to offer a 5% bounty to the hacker.

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

Seperately, crypto intelligence platform Arkham Intel has also created a bounty to help identify the person or organization behind the Poloniex exploit.

We've created and funded a bounty to help identify the person or organization behind today's @Poloniex exploit.

Cc @justinsuntron

Bounty Link: https://t.co/qMEA6KUsyu

Poloniex Exploiter on Arkham: https://t.co/AOJWEB0Y5X https://t.co/imBQrJa73G pic.twitter.com/CuUqVKncur
— Arkham (@ArkhamIntel) November 10, 2023

Binance's CZ Zhao has also commented on the issue, stating that Binance is ready to support to stop funds if the hacker were to use their platform.

Poloniex hacked.

Don't know much details yet. We hope it will be resolved soon, and always ready to help if any of the funds flow our way.

Please stay #SAFU. 🙏 https://t.co/jIEAvXUpGn
— CZ 🔶 Binance (@cz_binance) November 10, 2023

Troubled History

Poloniex changed hands in 2018 when Circle acquired it for $400 million.

Once a dominant force with over 50% market share, Poloniex's recent decline in transaction volume culminated in its share dropping to a meager 1% before the recent hack.

This incident follows a tumultuous year for Poloniex, marked by a $7.59 million fine in May for sanctions violations.

The U.S. Treasury Department's Office of Foreign Asset Control (OFAC) identified nearly 66,000 violations involving customers from Crimea, Cuba, Iran, Sudan, and Syria trading up to a cumulative $15 million between January 2014 and November 2019.

Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG

Add Comment

LoginLeave your comments

0 Comments

Earliest

Load more comments

More news about poloniex hacked

Aug 14
SunPump and Poloniex Partner on Meme
Bullish
Bearish
Jun 27
Metallica’s X account hacked to pump $METAL token
Bullish
Bearish
Nov 10
Poloniex hack costs $114 million
Bullish
Bearish1
Nov 10
Poloniex: Exchange wallet disabled for maintenance
Bullish1
Bearish
Jul 10
Phalcon: Arcadia Finance on Ethereum and Optimism Hacked, $400,000 Lost
Bullish
Bearish
Jun 01
Orbiter Finance: Discord Hacked, Don't Click Any Links
Bullish
Bearish
Mar 09
SaucerSwap: Hedera Network Hacked, Users Advised to Withdraw Liquidity
Bullish1
Bearish2
Feb 10
PeckShield: dForce Hacked, Hackers Gain About $3.65 Million
Bullish
Bearish
Nov 25
Justin Sun: Huobi and Poloniex may merge in the future
Bullish1
Bearish
Nov 12
Justin Sun: Huobi, Poloniex, USDD have no exposure to FTX
Bullish
Bearish

Hacker Buys TRX After Poloniex Hacked For More Than $31 Million,

Down For Maintenance

Support From Web3 Community

Troubled History

More news about poloniex hacked

More news about poloniex hacked

'Most Incompetent' Hacker of the Year Spends Hundreds of Thousands of Dollars to Promote Memecoin $HACKED, Only Scammed $8,000

Poloniex Crypto Exchange Reinstates Withdrawals Following $100M Hack

Crypto Exchanges Huobi, Poloniex to Form 'Strategic Partnership'

Poloniex’s new APIs help professionals stay ahead of the competition

Poloniex Announces Support For Ethereum Forks, Users Will Receive New Tokens Via Airdrop

Solana Hacked, Binance, KuCoin, OKX CEOs Advise Investors to Move Assets to Their Exchanges

Poloniex launches a new trading system to enhance user experience

Poloniex Cryptocurrency Exchange Review (2022)

Interview with Poloniex Marketing Head: Partner with APENFT to Build the Metaverse

Eddie, Head of Marketing at Poloniex on APENFT Partnership