As the digital asset market continued its green run, Justin Sun’s cryptocurrency exchange, Poloniex has fallen victim to a suspected hack. The reported theft has resulted in estimated losses of up to $100 million including $49 million on the TRON network.
Pecshield raises alarm for $100 million Poloniex hack
Peckshield, a blockchain security firm was the first to to flag an alert. It wrote “Hi Poloniex, you may want to take a look: and asked Justin Sun to take a look into the matter. Etherscam, a blockchain explorer displayed a series of transfers being done from the “Poloniex 4” wallet to the hacker’s wallet. This transfer included major cryptos like Ethereum (ETH), TRON (TRX), meme coins like Shiba Inu (SHIB), FLOKI, PEPE, and the biggest stablecoins USDT and TUSD.
Poloniex promptly responded to the situation by disabling its exchange wallet for maintenance, aiming to address the situation before resuming normal operations.
Justin Sun assures reimbursement to users
Justin Sun, the founder of Tron and owner of Poloniex jumped into the situation and stated that his team is investigating the hack incident. However, he highlighted that the exchange maintains a robust financial position and is committed to fully reimbursing the affected funds. He added his team is exploring collaboration opportunities with other exchanges to expedite the recovery of the lost assets.
As per reports, the hacker’s Tron chain address made a transfer of several large assets. This included $21.73 million in USDDT, $14.05 million in Bitcoin, $3.65 million in USDD, and around $1.78 million in USDC to other addresses.
Justin Sun in order to gain back the stolen crypto assets offered a 5% white hat bounty to the Poloniex hacker. He wrote “Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.”
He gave out the wallet addresses to return stolen assets:
ETH Wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132
TRX: TUgSgCQL6pMSy9zByn4sgxqrJa95sZExBG
BTC: 14XKsv8tT6tt8P8mfDQZgNF8wtN5erNu5D
