Poloniex Hit by $100M Crypto Theft

Etherscan, a blockchain viewer, has identified suspicious disbursements from a cryptocurrency wallet associated with the digital asset exchange Poloniex.

Cryptocurrency worth up to $100 million allegedly vanished as a result of the breach, according to blockchain security firms. A Poloniex 4 account on Etherscan was utilized to transfer millions of crypto assets on November 10.

An approximate $60 million loss was initially estimated. Later investigations revealed, nevertheless, that the assailants had stolen over $100 million.

CertiK, a firm specializing in blockchain security, indicates that the occurrence was most likely a “private key compromise.”

The funds have also been transmitted to four externally owned accounts, some of which have been exchanged for Ether, according to the security firm. The exchange disabled the wallet as a reaction to the suspicious outflows.

In contrast, an official statement from the exchange concerning the breach has not been issued as of yet.

After acquiring the exchange in 2019, Justin Sun announced on X (previously Twitter) that the team has commenced an investigation into the hacking incident, despite the exchange having not yet issued an official statement.

The users impacted by the breach will receive full reimbursement, per Sun. Purportedly to recover the lost funds, the executive stated that the exchange “maintains a healthy financial position” and is pursuing partnerships with other exchanges.

Additionally, Sun provided the Poloniex infiltrator with a 5% white-hat bounty. Before beginning cooperation with law enforcement, the executive stated that the assailant would be given seven days to restore the funds.

CoinGecko, a tracker of digital asset information, reports that Tron, the native cryptocurrency of one of Sun’s other cryptocurrency initiatives, has experienced a 20% price increase despite receiving a negative incident.

BlOn the same day as the breach, the value of the cryptocurrency went from $0.09 to $0.11.