Crypto trade Poloniex hacked for over $100 million

• Poloniex has been hacked, with over $100 million in crypto stolen.
• Tron founder Justin Solar confirmed the hack, noting a 5% white hat bounty for the hacker.

Cryptocurrency trade Poloniex has reportedly been hacked for over $100 million after its sizzling wallets have been compromised.

In response to information by on-chain information platform Lookonchain, the hacker has moved stolen belongings to wallets on Ethereum and Tron as they try and money out the loot.

Poloniex Hacker is promoting stolen belongings on #Ethereum for $ETH and stolen belongings on #Tron Community for $TRX.

Keep secure! #poloniexhackerhttps://t.co/RFi9PHpbyphttps://t.co/6BlwKUOHG5 pic.twitter.com/G6ETnc3Q1M

— Lookonchain (@lookonchain) November 10, 2023

Tron founder confirms hack, provides 5% bounty

Tron founder Justin Solar confirmed the hack in a submit on X, including that the platform was providing a 5% white hat bounty to the hacker.

Solar additionally mentioned blockchain safety platforms have been serving to to analyze the hack incident. The bounty will stand for as much as 7 days earlier than legislation enforcement are concerned. On what occurs to impacted consumer funds, Solar mentioned the trade was in a wholesome monetary place and would reimburse all victims.

“Poloniex maintains a wholesome monetary place and can totally reimburse the affected funds. Moreover, we’re exploring alternatives for collaboration with different exchanges to facilitate the restoration of those funds,” he famous.

We’re presently investigating the Poloniex hack incident. Poloniex maintains a wholesome monetary place and can totally reimburse the affected funds. Moreover, we’re exploring alternatives for collaboration with different exchanges to facilitate the restoration of those funds.

— H.E. Justin Solar 孙宇晨 (@justinsuntron) November 10, 2023

The assault on Poloniex comes lower than two months after one other Justin Solar crypto trade, Huobi, was drained of crypto belongings.