As can be seen from the blockchain browser Etherscan, a suspicious fund outflow occurred from a crypto wallet of the digital asset exchange Poloniex. The blockchain security firm believes the company was breached, allowing attackers to steal as much as $100 million in cryptocurrency.
On November 10, millions of crypto assets were transferred from an account on Etherscan called Poloniex 4. Preliminary estimates put the damage at about $60 million. However, it was later determined that the attackers had taken over $100 million.
According to blockchain security company CertiK, the incident was likely a “private key leak.” The security firm also noted that funds were transferred to four external accounts, some of which were converted into ether (ETH).
.@Poloniex Suspected to have been hacked.
Poloniex address “0xA910” transferred all tokens to the new address “0x0A59” within 40 minutes, with a total value of approximately $60 million.
“0x0A59” is currently transferring funds to more addresses and converting them to $ETH: pic.twitter.com/Kjdw5gIkxa
— Scopescan (.) (@0xScopescan) November 10, 2023
In response to suspicious fund outflows, the exchange disabled the wallet. However, the exchange has yet to issue an official statement regarding the hack. Cointelegraph also reached out to Poloniex but did not receive an immediate response.
Our wallet has been disabled for maintenance. We will update this thread once the wallet is re-enabled.
— Poloniex Customer Support (@PoloSupport) November 10, 2023
While the exchange has yet to make an official statement, Justin Sun, who acquired the exchange in 2019, said, release X (formerly known as Twitter) said on Twitter that the team was already investigating the hacking incident. Sun stated that they will fully compensate users affected by this breach. The executive claimed that the exchange “remains in a healthy financial position” and is looking to work with other exchanges to recover lost funds.
related: Exploits, hacks and scams stole nearly $1 billion in 2023, report says
The sun is also supply Offer 5% white hat bounty to Poloniex hackers. The executive said they would give the attackers seven days to return the funds before starting to cooperate with law enforcement.
destroy
@Poloniex Assets are being depleted and TRX is struggling to pump water.In the past hour alone, the Poloniex wallet, which contained over $67 million in assets, now has less than $4 million left.
Can someone explain this? pic.twitter.com/3GdiU6JgpI
— Elja (@Eljaboom) November 10, 2023
Meanwhile, the price of Tron (TRX), the native cryptocurrency of one of Sun’s other crypto projects, rose by 20% despite being hit by negative events, according to to digital asset information tracker CoinGecko. On the day of the hack, the cryptocurrency was trading from $0.09 to $0.11.
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