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Update: Justin Sun Offers 5% WhiteHat Bounty to Hacker Following $100M+ Poloniex Exploit

by BSC News

November 10, 2023

chain

Poloniex will fully reimburse users and has offered the hacker a 5% white-hat bounty, with seven days to return the stolen funds.

Summary

  • Crypto exchange Poloniex fell victim to a security breach, resulting in over $100 million in cryptocurrencies stolen.
  • Poloniex has disabled the affected wallet for maintenance and will fully reimburse affected users.
  • Justin Sun, the owner of Poloniex, has offered a 5% white-hat bounty to the hacker for the return of the funds.

Crypto exchange Poloniex fell victim to a suspected breach resulting in the unauthorized outflow of over $100 million in cryptocurrencies. The suspicious transactions were detected on November 10, originating from an account identified as Poloniex 4 on blockchain explorer Etherscan.

Blockchain security firm PeckShield confirmed that about $56 million, $48 million, and $18 million have been stolen across Ether, TRX and BTC, respectively, totalling at about $125 million.

The exchange, however, confirmed it has disabled the affected wallet for maintenance.

Meanwhile, Justin Sun, the owner of Poloniex since 2019, took to social media, expressing the team's commitment to investigating the incident and ensuring full reimbursement for affected users. Sun emphasized the exchange's robust financial standing and expressed intentions to collaborate with other platforms to recover the lost funds.

“We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds.”

Hacker offered 5% bounty to return funds

Furthermore, Justin Sun announced a 5% white-hat bounty for the Poloniex hacker, providing a seven-day window for the return of the funds before involving law enforcement. 

Blockchain intelligence company Arkham has also initiated and funded a bounty in a bid  to help identify the hacker. 

Despite the exploit, the native cryptocurrency of Sun's TRON project, TRX, has maintained a positive price uptrend, gaining over 4.59% in  the past 24 hours, according to CoinMarketCap data.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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