According to blockchain security firms, crypto exchange Poloniex suffered a $100 million exploit in digital assets due to a security breach.
A Poloniex 4 account on Etherscan transferred millions of crypto assets on November 10. Initial loss estimates amounted to approximately $60 million. Later investigation revealed, nevertheless, that the assailants had stolen more than $100 million.
CertiK, a firm specializing in blockchain security, indicates that the occurrence was most likely a “private key compromise.” Additionally, the security firm reported that a portion of the funds had been exchanged for Ether (ETH) on four externally owned accounts (EOAs) to which the funds had been transmitted.
Due to the dubious disbursements, the exchange discontinued access to the wallet. Regarding the breach, the exchange has not issued an official statement as of yet.
Although the exchange has not yet issued a formal statement, its 2019 acquirer, Justin Sun, confirmed on X (previously Twitter) that an investigation into the hacking incident has already begun.
The users impacted by the breach will receive full reimbursement, per Sun. Purportedly, to recover the lost funds, the executive stated that the exchange “maintains a healthy financial position” and is pursuing partnerships with other exchanges.
Sun also offered the Poloniex infiltrator a 5% white hat bounty. The executive stated they would cooperate with law enforcement authorities only after the assailant returned the funds within seven days.
CoinGecko, an information tracker for digital assets, reports that Tron (TRX), another of Sun’s crypto initiatives, has experienced a 20% price increase despite an adverse incident. The value of the cryptocurrency increased from $0.09 to $0.11 on the day of the breach.
