Poloniex faces hack attack, lost $100M worth of crypto assets

Popular crypto exchange Poloniex was hacked and Reportedly the hacker stole $100 million worth of crypto assets. 

Poloniex was a popular American crypto exchange founded in 2014. In 2018 this exchange was acquired by popular USDC stablecoin issuer firm Circle but after that shifted all of its operations outside the US because of legal conflicts. Later, popular crypto entrepreneur Justin Sun acquired this platform. 

On 10 Nov 2023, Poloniex faced a hacking attack and lost nearly $60 million worth of funds. Some investigators claimed that the exchange lost nearly $100 million. So far, the Poloniex team failed to provide any exact figure in this matter.

Poloniex owner Justin Sun confirmed the hack attack news and also ensured that the exchange will not face any struggle because it always maintains a healthy financial position to fight against such kinds of incidents easily.

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

Justin offered a 5% bounty reward for the hacker but so far the hacker failed to contact the exchange. 

Changpeng Zhao, CEO of the top Crypto exchange Binance, jumped to help Poloniex in this matter with his investigators to find the culprit behind this whole attack. 

Poloniex hacked.

Don't know much details yet. We hope it will be resolved soon, and always ready to help if any of the funds flow our way.

Please stay #SAFU. https://t.co/jIEAvXUpGn

— CZ Binance (@cz_binance) November 10, 2023

On 11 Nov 2023, Justin confirmed that the exchange successfully froze a big portion of crypto funds linked with the hacker’s crypto address. 

Furthermore, Justin said that Poloniex’s business revenue will easily cover the loss that occurred in this hacking incident but still, it will take time to resume withdrawal services.

Additionally, the team have restored Poloniex's systems, preserved relevant evidence, and in the coming days, we will work diligently to gradually resume deposits and withdrawals on Poloniex, ensuring 100% security. Apologize for any inconvenience this may have caused.

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

Earlier this, Poloniex was hacked just two months after the launch of the exchange, resulting in nearly 12.5% loss of the customer’s crypto fund deposits. 

Later under the ownership of Circle, the Poloniex exchange grabbed a huge user base in 2018 and became the top exchange by trade volume. 

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