The Poloniex Exchange Hit by a $120 Million Hack

The cryptocurrency exchange Poloniex was subjected to a cyber attack worth approximately $120 million. This attack led to the theft of various cryptocurrencies including Ethereum, TRON, and Bitcoin. Justin Sun, the owner of Poloniex, offered a 5% ‘whitehat’ bonus to the hackers in exchange for the return of the stolen funds.

The cryptocurrency exchange Poloniex suffered a hack attack totaling approximately $120 million. The stolen assets include $43 million in Ether (ETH), $32 million in TRON (TRX), and $18.5 million in Bitcoin (BTC). Additionally, USDT, USDD, USDC, FLOKI, and TUSD were also involved.

Initially, Poloniex announced that the wallets were disabled due to maintenance activities, but later accepted the severity of the situation due to increasing pressure from user reports and the wider crypto community.

Details: Hackers used both the Ethereum and TRON blockchains to use the stolen USDC to purchase TRX and USDT. In this way, approximately $22.8 million worth of 206 million TRX was accumulated. After acknowledging the security breach, Poloniex disabled the affected “Poloniex 4” wallet and initiated extensive maintenance to enhance security.

Poloniex Exploiter

Justin Sun Admits the Exchange Was Hacked

After a while, Justin Sun admitted through a statement via Channel X that the exchange was hacked. Sun stated that they are investigating the Poloniex hack incident and assured that all affected funds would be reimbursed.

Sun also mentioned that a 5% reward would be offered to the Poloniex hacker in return for the funds being returned.

“Please return the money to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before resorting to legal actions.”

Justin Sun

Support from CZ Immediately

Following the recent Binance Blockchain Week, the CEO of Binance, Changpeng Zhao (CZ), expressed his sympathy to Justin Sun. CZ stated that they are ready to support Poloniex and could help in tracking the funds.

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