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- Poloniex misplaced over $100 million in Ether because of a compromised non-public key.
- The hacker transferred roughly 17,800 ETH ($53.5 million) to Twister Money.
- Poloniex has been unable to get better the stolen funds.
About 17.8K ($53.5 million) ETH related to the November 2023 Poloniex hack has been traced to Twister Money, a decentralized cryptocurrency tumbler. PeckShieldAlert disclosed this growth by way of an X submit: “The Poloniex hacker has already despatched a complete of 17.8K $ETH (value $53.5 million) to TornadoCash.”
Recall that wallets owned by the cryptocurrency trade Poloniex skilled a malicious assault on November 10, 2023. This motion resulted within the trade shedding over $100 million value of Ether.
Quickly after, Poloniex asserted that it had discovered the hacker and provided a $10 million reward for the stolen funds. Nonetheless, the efforts proved fruitless, because the funds weren’t returned to the trade. CertiK, a blockchain safety agency, recommended that the hack stemmed from a “non-public key compromise.”
In the meantime, Poloniex reacted to the incident by briefly turning off affected wallets. Poloniex’s efforts to retrieve the stolen funds have proved futile, because the hacker has no intention of remitting them.
After a number of investigations, PeckShield found that roughly $53.5 million had been transferred via Twister Money. For context, the hacker transferred about 17,800 ETH from six completely different wallets right into a single Twister Money deal with.
Shortly after the pockets compromise, Poloniex resumed operations, enabling buyers to deposit and withdraw cryptocurrencies freely. Furthermore, the trade took proactive steps by appointing a top-tier safety auditing agency to strengthen fund safety and stop future hacks.
Poloniex acknowledged that the safety audit is nearing completion, with verification processes underway. After concluding the audit, the platform will promptly resume deposit and withdrawal companies.
“Presently, they’re within the remaining levels of the safety audit and verification processes for Poloniex. Upon completion of the audit, we are going to promptly resume deposit and withdrawal companies on our platform,” the trade asserted.
In the meantime, TRON founder and Poloniex’s proprietor Justin Solar assured customers affected by the breach of full remuneration. Solar additional emphasised Poloniex’s sturdy monetary place and expressed intentions to accomplice with different exchanges to reclaim the misplaced funds.
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