Total Funds Stolen Reaches Over $126 Million

Poloniex Hack: Justin Sun’s Poloniex suffered a hack on November 10, with total funds stolen reaching over $126 million. Tron founder Justin Sun confirmed that the exchange was hacked after Crypto Twitter revealed a potential hacking incident at Poloniex. Justin Sun plans to reimburse affected users and offer a “white hat bounty” to the hacker.

Poloniex Suffers 126 Million Hack

CoinGape Media reported that Tron chain address transferred large assets such as USDT, BTC, USDD, USDC, ETH, FLOKI,  TUSD, and many other assets, worth over $100 million in 357 transactions.

The crypto community blamed Poloniex and Justin Sun for trying to hide the hacking incident. After multiple users reported disabled wallets, Poloniex Customer Support said:

“Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.”

Later, Justin Sun confirmed the Poloniex hack to the crypto community. Also, he announced a 5% white hat bounty to the hacker for returning hacked funds in 7 days. The exchange is considering to engage law enforcement if the hacker fails to coordinate.

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

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Scopescan monitoring showed that the hacker used USDC to purchase TRX on Ethereum and USDT on the TRON chain. So far, he has purchased a total of 206 million TRX (approximately $22.8 million). This should be the reason for TRX’s surge.

TRX price jumped 8% in an hour, with the price currently trading at $0.10. The 24-hour low and high are $0.097 and $0.11, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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