Bounty

TRON

Following the hack which led to a loss of over $100 million in crypto assets, TRON founder and owner of Poloniex Justin Sun has highlighted the different measures that have been taken to manage the Poloniex situation, stating that the losses are within “manageable limits” which the company can conveniently handle.
<h2 id="strong-poloniex-to-reimburse-affected-users-strong">Poloniex to Reimburse Affected Users</h2>
Sun took to the X app to inform the public and affected customers that the Poloniex team had successfully identified and frozen a portion of the assets associated with the hacker’s addresses. In the meantime, deposits and withdrawals have not been reactivated but will be in the coming days.&nbsp;
He also highlighted that Poloniex’s systems have been restored and relevant evidence preserved.
Earlier on Friday, blockchain security firm PeckShield announced that <a href="https://coingape.com/justin-sun-poloniex-wallet-suffers-over-100-mln-asset-loss-in-hacking-attack/" rel="noopener noreferrer nofollow">Poloniex was hacked</a> and the perpetrator siphoned more than $100 million, leaving the company with only a little over $4 million in crypto assets. Some suspicious outflows were discovered on the new wallet which is tagged Poloniex 4 on Etherscan.
Notably, the illicit transfers were conducted in a total of 357 transactions with assets like USDT, BTC, USDD, USDC, ETH, FLOKI,&nbsp;TUSD exiting the wallet. Poloniex immediately disabled their wallets to avoid further losses and to efficiently carry out some maintenance exercises. Sun assured users that all affected wallets would be reimbursed once investigations have been completed.&nbsp;
Furthermore, he stated that they were working with other crypto exchanges to recover the stolen funds. Binance CEO Changpeng ‘CZ’ Zhao sympathized with Poloniex, stating that he hopes the attack will not bring much losses.&nbsp;
He also offered to help, especially if the hacker tried to move any part of the funds through Binance.
<h2 id="strong-poloniex-hacker-offered-5-bounty-reward-strong">Poloniex Hacker Offered 5% Bounty Reward</h2>
In addition to their investigative effort, the <a href="https://coingape.com/poloniexs-justin-sun-announces-5-bounty-for-stolen-126-million-funds/" rel="noopener noreferrer nofollow">exchange has offered</a> a&nbsp;5% bounty reward to the hacker if the funds are returned within seven days. According to his post on X, Sun promised to take legal action if the funds are not returned within these timeframe.
He advised the bad actor to make a refund to the underlisted wallets: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, TRX: TUgSgCQL6pMSy9zByn4sgxqrJa95sZExBG and BTC: 14XKsv8tT6tt8P8mfDQZgNF8wtN5erNu5D.&nbsp;
Many crypto community members blamed the TRON founder and Poloniex for trying to conceal the hacking incident. In an updated report, Coingape <a href="https://coingape.com/poloniex-hack-total-funds-stolen-reaches-over-126-million-btc-eth-shib-most-impacted/" rel="noopener noreferrer nofollow">reported</a> that the volume of stolen assets is currently around $126 million.
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/poloniex-losses-within-manageable-limits-justin-sun/">Poloniex Losses Within “Manageable Limits” – Justin Sun</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Poloniex Losses Within “Manageable Limits” – Justin Sun

Table of Contents

Coingape News Media

Other articles published on Nov 10, 2023

Watch Out: Millions of Dollars Worth of Hack Activity Estimated to Have Occurred in This Cryptocu...

UBS Follows HSBC, Unveils Crypto ETFs in Hong Kong

Russia warns of U.S. running out of paper for dollar printing

Ethereum (ETH) Price at $3,000: 'Target for Next Few Weeks' Indicated by Trader

WuBlockchain Weekly: BlackRock Submits Application for Ethereum Spot ETF, Binance Launches Web3 W...

The Famous Web3 Social Media Application INTO Will Start Its Global Launch Conference in Early De...

Join our free newsletter for daily crypto updates!