Justin Sun’s Poloniex Exchange Suffers Over $100 Mln Asset Loss In Hacking Attack

Justin Sun’s Poloniex, a globally recognized digital asset exchange, suffered a huge loss of over $100 million in assets in a hacking attack.

On November 10, PeckShield Alert, a blockchain security and data analytics company, took to X and shared the details of the cyber attack, which left Poloniex with just over $4 million in assets.

Suspicion Transactions on the Poloniex Platform

As per the initial analysis by PeckShield Alert, the centralized crypto exchange Poloniex is said to have suffered a security hack on one of its wallets, which is tagged as Poloniex 4 on Etherscan.

Notably, the suspicious outflows from the new wallet have left the Poloniex platform and affected a large sum of its funds.  The suggested amount is said to be over $100 million in crypto assets, during the time of writing.

According to reports, 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.

Initially, Poloniex is yet to officially confirm this loss, instead shared a tweet saying,  their wallets have been disabled for some maintenance purpose and they will soon update the users once they enable the wallets again.

However, later in an update, Justin Sun, the founder of Poloniex finally spoke about the theft and said that the team is currently investigating the Poloniex hack incident.  He further added that Poloniex maintains a healthy financial position and assures to fully reimburse the affected funds.

Lastly, Sun said,  they are making efforts and looking for opportunities to collaborate with other exchanges to facilitate the recovery of these funds.

Also Read: Binance To Cease Russian Ruble (RUB) Deposits Following Russia Exit Plans

Rising Phishing and Crypto Theft Raises Concern

The latest rise in the incidents of crypto scams, phishing, and asset theft is raising alarming concerns amongst the crypto community.

After the $100 million assets theft of Poloniex was reported, many users shared their concerns on the X platform.

Users expressed themselves with comments like “hackers are shorting crypto”, and “Security is so poor these days.”

Also Read: Global Coalition Of 50 Nations Vows Rapid Adoption Of Crypto Reporting Framework

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