Total Funds Stolen Reaches Over $126 Million

Poloniex Hack: Justin Sun’s Poloniex suffered a hack on November 10, with complete funds stolen reaching over $126 million. Tron founder Justin Sun confirmed that the change was hacked after Crypto Twitter revealed a possible hacking incident at Poloniex. Justin Sun plans to reimburse affected customers and provide a “white hat bounty” to the hacker.

Poloniex Suffers 126 Million Hack

CoinGape Media reported that Tron chain handle transferred giant belongings corresponding to USDT, BTC, USDD, USDC, ETH, FLOKI,  TUSD, and lots of different belongings, price over $100 million in 357 transactions.

The crypto group blamed Poloniex and Justin Sun for making an attempt to cover the hacking incident. After a number of customers reported disabled wallets, Poloniex Customer Support mentioned:

“Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.”

Later, Justin Sun confirmed the Poloniex hack to the crypto group. Also, he introduced a 5% white hat bounty to the hacker for returning hacked funds in 7 days. The change is contemplating to interact legislation enforcement if the hacker fails to coordinate.

Poloniex hacked.

Don’t know a lot particulars but. We hope it will likely be resolved quickly, and at all times prepared to assist if any of the funds circulate our approach.

Please keep #SAFU. 🙏 https://t.co/jIEAvXUpGn

— CZ 🔶 Binance (@cz_binance) November 10, 2023

Scopescan monitoring confirmed that the hacker used USDC to buy TRX on Ethereum and USDT on the TRON chain. So far, he has bought a complete of 206 million TRX (roughly $22.8 million). This must be the explanation for TRX’s surge.

TRX price jumped 8% in an hour, with the value at present buying and selling at $0.10. The 24-hour high and low are $0.097 and $0.11, respectively.

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the large potential of those modern future applied sciences. He is at present masking all the most recent updates and developments within the crypto business.

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