Poloniex Hacked: Justin Sun-Owned Exchange Loses $65 Million in Security Breach
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Poloniex Hacked: Justin Sun-Owned Exchange Loses $65 Million in Security Breach

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Hackers steal $65 million from Poloniex wallets.

Poloniex Hacked: Justin Sun-Owned Exchange Loses $65 Million in Security Breach

Justin Sun’s exchange, Poloniex, appears to have been the victim of a major hack, with an estimated $65 million worth of crypto stolen from the platform's wallets.

The suspected hack first came to light on Friday when blockchain security firm PeckShield spotted suspicious activity on wallets linked to Poloniex across multiple blockchains.
Data from on-chain analytics firm Arkham shows that an Ethereum wallet associated with the hacker sent a total of $65 million worth of tokens from Poloniex wallets in over 300 transactions. Additionally, a Tron wallet linked to the hacker sent approximately $42 million worth of cryptocurrency to other wallets.

The hacker also used the stolen funds to purchase $20 million worth of Tron (TRX), briefly pushing up the token's price by over 25%, according to on-chain tracking.

Poloniex officially acknowledged the incident roughly 15 minutes after it was first detected, tweeting that the exchange's wallets had been temporarily disabled for maintenance.

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In a follow-up tweet, Justin Sun confirmed the hack had taken place.

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