Poloniex Exchange, hit by $100 million hack, offers 5% bug bounty
Key Takeaways
- Poloniex’s wallet was hacked, resulting in the loss of approximately $100 million in cryptocurrency assets.
- Crypto exchange owner Justin Sun promised full repayment to affected users and offered a 5% bounty for the return of stolen funds.
- In an interesting turn of events, Tron (TRX) experienced a significant price increase on the day of the Poloniex hack.
cryptocurrency exchange Poloniex reportedly suffered a breach. continues Loss of approximately $100 million in digital assets.
Blockchain security companies, including CertiK, believe this. Caused by a corrupted private keyThis allowed the attackers unauthorized access to funds.
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On November 10th, an unusual transfer was observed on Etherscan from an account tagged ‘Poloniex 4’. while Initial estimates put the loss at around $60 million.Upon further investigation, More than $100 million worth of cryptocurrency assets were leaked. by the attacker.
According to CertiK’s analysis, the stolen funds were Distributed to 4 externally owned accountsSome assets are already Exchange to Ether (ETH).
After the violation is confirmed, Poloniex immediately disabled the compromised wallet.. However, an official statement from the cryptocurrency exchange addressing the hack is still pending.
Despite the lack of an official announcement from Poloniex, entrepreneur Justin Sun, who acquired the cryptocurrency exchange in 2019, took to X (formerly Twitter) to inform the public: The investigation into the hacking incident is ongoing..
Sun was sure. Affected users will receive full compensation.emphasize this The cryptocurrency exchange is in a “healthy financial position.”
In a strategic move to recover lost assets, Sun announced the following: 5% “White Hat” bounty To get back stolen fundsGrant permission to attacker 7-day ultimatum before escalating the matter to law enforcement.
Interestingly, after this hacking incident, Tron (TRX), another of Sun’s cryptocurrency projects, saw its market value surge by 20%.. The cryptocurrency surged from $0.09 to $0.11 on the day of the hack, providing an interesting contrast to the plight of cryptocurrency exchanges.
The Poloniex breach highlights the resilient nature of the broader cryptocurrency market, while also highlighting the ever-present threats to the digital asset space. The reaction of cryptocurrency exchange owners combined with Tron’s unexpected market behavior reflects the complex dynamics going on in the cryptocurrency world.
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