San Francisco, November 11: Hackers have stolen $114 million from the Poloniex cryptocurrency exchange, after cybercriminals emptied its "hot wallets." Poloniex investor Justin Sun posted on X that the company was investigating the hack incident. โPoloniex maintains a healthy financial position and will fully refund the affected funds. Additionally, we are exploring collaboration opportunities with other exchanges to facilitate the recovery of these funds,โ Sun posted.
Several wallets on multiple blockchains appear to have been attacked, CoinDesk reports. Arkham data shows that an Ethereum wallet, now labeled โPoloniex hacker,โ sent a total of $114 million in tokens from Poloniex in 357 transactions. CoinEx Hack: Global cryptocurrency exchange asks hackers to trade and accept a generous bounty as a reward. CoinEx Hack: Global cryptocurrency exchange asks hackers to trade and accept a generous bounty as a reward.
A wallet on the Tron blockchain also sent around $42 million to various wallets. Poloniex is one of the oldest crypto exchanges. It was acquired by Circle in 2018 and was later spun off among several investors, including Sun.
According to CoinMarketCap, the crypto exchange has facilitated $616 million worth of trading volume in the last 24 hours. On-chain data also showed that the Poloniex hacker purchased $20 million worth of tron โโ(TRX), driving the price of the token up by more than 25 percent. Stake.com Crypto Heist: Hackers trick gambling platform into $41 million worth of cryptocurrencies to fund North Korean nuclear programs.
Blockchain analytics firm Nansen reported that only 175 tokens remained in the Poloniex wallet, worth a total of $10,000. Sun added that the crypto exchange is offering a 5 percent white hat reward to the hacker with a seven-day deadline before engaging with authorities.
The company "successfully identified and frozen a portion of the assets associated with the hacker's addresses. Currently, the losses are within manageable limits and Poloniex's operating income can cover these losses," Sun published.
(The above story first appeared on LatestLY on Nov 11, 2023 at 03:46 pm IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website. lately.com).
