Poloniex hacked for over $100 million

• Poloniex has been hacked, with over $100 million in crypto stolen.
• Tron founder Justin Sun confirmed the hack, noting a 5% white hat bounty for the hacker.

Cryptocurrency exchange Poloniex has reportedly been hacked for over $100 million after its hot wallets were compromised.

According to data by on-chain data platform Lookonchain, the hacker has moved stolen assets to wallets on Ethereum and Tron as they attempt to cash out the loot.

Poloniex Hacker is selling stolen assets on #Ethereum for $ETH and stolen assets on #Tron Network for $TRX.

Stay safe! #poloniexhackerhttps://t.co/RFi9PHpbyphttps://t.co/6BlwKUOHG5 pic.twitter.com/G6ETnc3Q1M

— Lookonchain (@lookonchain) November 10, 2023

Tron founder confirms hack, offers 5% bounty

Tron founder Justin Sun confirmed the hack in a post on X, adding that the platform was offering a 5% white hat bounty to the hacker.

Sun also said blockchain security platforms were helping to investigate the hack incident. The bounty will stand for up to 7 days before law enforcement are involved. On what happens to impacted user funds, Sun said the exchange was in a healthy financial position and would reimburse all victims.

“Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds,” he noted.

We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023

The attack on Poloniex comes less than two months after another Justin Sun crypto exchange, Huobi, was drained of crypto assets.