- Poloniex lost over $100 million following a security hack on one of its wallets, labeled “Poloniex 4” on Etherscan.
- The amount lost included 443 BTC, 32.7 million USDT, and 6,103 ETH.
- Justin Sun offered a 5% white hat bounty to the Poloniex scammer.
Centralized crypto exchange Poloniex was drained of more than $100 million following a security hack on one of its wallets, labeled “Poloniex 4” on Etherscan. The data analytics firm PeckShield was the first to notice a string of cryptocurrency outflows from the address, thus calling Poloniex investor Justin Sun’s attention.
The PeckShield alert showed several transfers to various crypto wallets with varying amounts, including 443 BTC, 32.7 million USDT, and 6,103 ETH. Backing up this data, the blockchain analytics tool Lookonchain has posted a comprehensive list detailing the wallets, amounts, and values of the transactions.
At the time of writing, Poloniex had lost a total of $118 million. Concurrently, its support team acknowledged the matter and posted a notification on X (formerly known as Twitter):
Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.
The attack initially reflected a $28 million loss of funds within the first 30 minutes. Sun posted an announcement stating they were investigating the situation and assured their token holders that they would be fully reimbursing the affected funds.
WatcherGuru has shared that the stolen funds quickly rose to over $100 million in less than a couple of hours. With this, Sun offered a 5% white hat bounty to the Poloniex scammer, giving the hacker seven days to return the funds to their ETH/TRX/BTC wallets; otherwise, they will have to contact law enforcement.
Furthermore, Sun shared that Poloniex was exploring the possibilities of collaborating with their partners to facilitate their lost funds. Simultaneously, an X account user, OverDose, pointed out that the hacker lost $2.5 million of the funds after mistakenly sending the money to the contract address instead of their wallet.
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