Poloniex

History

2023: Breaking into the exchange, stealing $114 million

On November 10, 2023, the popular cryptocurrency exchange Poloniex, owned by Tron founder Justin Sun, reported a hacker attack. The attackers managed to steal assets worth more than $100 million.

Poloniex has reportedly identified suspicious activity on its platform. The amount of stolen funds, according to various estimates, ranges from $114 million to $130 million. In particular, PeckShield, a cryptocurrency security company, estimated that hackers were able to withdraw approximately $122 million in the form of $56 million Ethereum, $48 million Tron and $18 million Bitcoin. Justin Sun confirmed the hacking of the crypto platform, stressing that all stolen funds will be reimbursed.

Cryptocurrency exchange Poloniex reported a hacker attack

The Poloniex team successfully identified and froze some of the assets associated with the hackers' addresses. Losses are within manageable limits and Poloniex's operating revenue can cover them in full. We apologize for any inconvenience associated with the incident, "Sun said.

Poloniex is partnering with other crypto platforms to speed up the recovery process of affected assets. The cryptocurrency exchange offers attackers a reward of 5% of the stolen amount in exchange for the return of the remaining 95% of the funds. Otherwise, Poloniex intends to resort to the help of law enforcement agencies and specialized structures to detain cybercriminals. With a maximum damage estimate of $130 million, hackers will be able to receive a reward of $6.5 million. As of mid-November 2023, no response had been received from the crackers.

We offer a 5 percent reward to Poloniex crackers. Please refund your ETH/TRX/BTC wallets. We give you seven days to consider this proposal, after which we will turn to law enforcement agencies, the crypto platform said in a statement.[1]

Notes