Justin Sun Confirms Poloniex Exchange Hack: What Now?

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• Justin Sun, the founder of Tron, confirmed that the Poloniex exchange had been hacked after accounts on the X platform revealed a potential hacking incident.
• Justin Sun verified the Poloniex hack incident to the crypto community. Additionally, he announced a 5% “white hat reward” to the hacker returning the stolen funds within 7 days.
• According to Scopescan monitoring data, the hacker used TRX to buy USDC on Ethereum and USDT on the TRON chain.

Justin Sun’s cryptocurrency exchange Poloniex was hacked today and more than $100 million in assets were seized: What happens now?

Hack Attack on Poloniex Shook the Market

The cryptocurrency exchange Poloniex, owned by Justin Sun, was subjected to a hack attack on November 10, resulting in the seizure of over $100 million in assets. Justin Sun, the founder of Tron, confirmed that the exchange had been hacked following the revelation of a potential hacking incident on accounts on the X platform. Justin Sun plans to compensate affected users and offer a “white hat reward” to the hacker.

According to COINOTAG, a Tron chain address transferred significant assets totaling more than $100 million in 357 transactions; among these assets are USDT, BTC, USDD, USDC, ETH, FLOKI, TUSD, and many others.

The crypto community accused Poloniex and Justin Sun of trying to conceal the hacking incident. After many users reported disabled wallets, Poloniex Customer Support made the following statement:

“Our wallet is disabled due to maintenance. We will update this matter when the wallet is re-enabled.”

Later, Justin Sun confirmed the Poloniex hack incident to the crypto community. Additionally, he announced a 5% “white hat reward” to the hacker returning the stolen funds within 7 days. The exchange is considering legal action if the hacker does not coordinate.

Hacker used TRX for the purchase

According to Scopescan monitoring data, the hacker used TRX to buy USDC on Ethereum and USDT on the TRON chain. So far, the hacker has purchased a total of 206 million TRX (approximately $22.8 million). This should be the reason for the sudden rise in TRX. The TRX price increased by 8% within an hour and is currently trading at $0.10. The 24-hour low and high values are $0.097 and $0.11, respectively.