Cryptocurrency exchange Poloniex has fallen victim to a massive hot wallet hack, resulting in a staggering $114 million loss. The vulnerability, which was reported by blockchain security firms PeckShield and Cyvers, prompted Poloniex to disable its wallet for maintenance.
At around 10:55 UTC on November 10, 2023, blockchain security firms PeckShield and Cyvers raised red flags about a suspected hack targeting Poloniex hot wallets, according to a report by
CoinDesk. the exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term It immediately responded by announcing that its wallets were down for maintenance 12 minutes later.
Confirmation of the hack came from Poloniex investor and Tron founder, Justin Sun. In a tweet, Sun assured affected users that Poloniex, despite the huge loss, maintains a good financial position.
We are currently investigating the Poloniex hack incident. Poloniex maintains a sound financial position and will repay the affected funds in full. Additionally, we are exploring collaboration opportunities with other exchanges to facilitate the redemption of these funds.
– His Excellency Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023
He pledged full reimbursement to affected users. In addition, Sun offered a “white hat bounty” to the hacker responsible, with a seven-day deadline before law enforcement agencies were involved.
The hack became apparent after on-chain data revealed that different wallets were targeted across multiple blockchains. An Ethereum wallet dubbed the “Poloniex hacker” executed a series of 357 transactions, seizing $114 million worth of Poloniex tokens.
Meanwhile, a wallet on the Tron blockchain sent nearly $42 million to various destinations. This incident is the latest in a series of high-profile cryptocurrency exchange hacks. There have been recent breaches at HTX, Gdac, and Deribit, with losses ranging from $8 million to $28 million.
Our wallet has been down for maintenance. We will update this topic once the wallet is re-enabled.
— Poloniex Customer Support (@PoloSupport) November 10, 2023
Blockchain data from Arkham Intelligence, as quoted
DecryptionIt revealed that more than 288 million TRX and 865 Bitcoins were stolen, bringing a staggering total of $126 million. Additionally, $2.5 million in stolen Golem (GLM) tokens were mistakenly sent to token nodes instead of intended secondary addresses in the Poloniex hack.
Poloniex faces regulatory hurdles
Recently, Poloniex agreed to a massive $7.6 million settlement with the US Treasury Department’s Office of Foreign Assets Control (OFAC). the Colony
Colony
Settlement in finance refers to the process in which the buyer makes payment and receives the agreed upon services or goods. This term is used on stock exchanges such as the New York Stock Exchange (NYSE) when securities change hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process may take a few hours or several days after the trade is made. It depends on the clearance process. In the United States, the settlement date for marketable shares is usually 2
Settlement in finance refers to the process in which the buyer makes payment and receives the agreed upon services or goods. This term is used on exchanges such as the New York Stock Exchange (NYSE) when securities change hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process may take a few hours or several days after the trade is made. It depends on the clearance process. In the United States, the settlement date for marketable shares is usually 2
Read this term It concerns alleged violations of US sanctions, as Poloniex allowed clients from sanctioned areas, including Crimea, Cuba, Iran, Sudan and Syria, to participate in digital asset trading between January 2014 and November 2019.
The alleged violations, which spanned from January 2014 to November 2019, amounted to nearly 66,000 cases, with sanctioned clients in the region trading more than $15.3 million in digital assets.
OFAC stressed that Poloniex allowed these activities despite knowing customer locations through “know your customer” information and IP address data.
Cryptocurrency exchange Poloniex has fallen victim to a massive hot wallet hack, resulting in a staggering $114 million loss. The vulnerability, which was reported by blockchain security firms PeckShield and Cyvers, prompted Poloniex to disable its wallet for maintenance.
At around 10:55 UTC on November 10, 2023, blockchain security firms PeckShield and Cyvers raised red flags about a suspected hack targeting Poloniex hot wallets, according to a report by
CoinDesk. the exchange
exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
A stock exchange is defined as a market that supports the trading of derivatives, commodities, securities and other financial instruments. In general, a stock exchange can be accessed through a digital platform or sometimes at a physical address where investors organize to conduct trading. One of the main responsibilities of the stock exchange is to support honest and fair trading practices. It is useful in ensuring the effectiveness of the price distribution of supported securities on that exchange
Read this term It immediately responded by announcing that its wallets were down for maintenance 12 minutes later.
Confirmation of the hack came from Poloniex investor and Tron founder, Justin Sun. In a tweet, Sun assured affected users that Poloniex, despite the huge loss, maintains a good financial position.
We are currently investigating the Poloniex hack incident. Poloniex maintains a sound financial position and will repay the affected funds in full. Additionally, we are exploring collaboration opportunities with other exchanges to facilitate the redemption of these funds.
– His Excellency Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023
He pledged full reimbursement to affected users. In addition, Sun offered a “white hat bounty” to the hacker responsible, with a seven-day deadline before law enforcement agencies were involved.
The hack became apparent after on-chain data revealed that different wallets were targeted across multiple blockchains. An Ethereum wallet dubbed the “Poloniex hacker” executed a series of 357 transactions, seizing $114 million worth of Poloniex tokens.
Meanwhile, a wallet on the Tron blockchain sent nearly $42 million to various destinations. This incident is the latest in a series of high-profile cryptocurrency exchange hacks. There have been recent breaches at HTX, Gdac, and Deribit, with losses ranging from $8 million to $28 million.
Our wallet has been down for maintenance. We will update this topic once the wallet is re-enabled.
— Poloniex Customer Support (@PoloSupport) November 10, 2023
Blockchain data from Arkham Intelligence, as quoted
DecryptionIt revealed that more than 288 million TRX and 865 Bitcoins were stolen, bringing a staggering total of $126 million. Additionally, $2.5 million in stolen Golem (GLM) tokens were mistakenly sent to token nodes instead of intended secondary addresses in the Poloniex hack.
Poloniex faces regulatory hurdles
Recently, Poloniex agreed to a massive $7.6 million settlement with the US Treasury Department’s Office of Foreign Assets Control (OFAC). the Colony
Colony
Settlement in finance refers to the process in which the buyer makes payment and receives the agreed upon services or goods. This term is used on exchanges such as the New York Stock Exchange (NYSE) when securities change hands. When the asset is transferred and placed in the name of the new buyer, it is considered settled. This process may take a few hours or several days after the trade is made. It depends on the clearance process. In the United States, the settlement date for marketable shares is usually 2
Settlement in finance refers to the process in which the buyer makes payment and receives the agreed upon services or goods. This term is used on exchanges such as the New York Stock Exchange (NYSE) when securities change hands. When the asset is transferred and placed in the name of the new buyer, it is considered settled. This process may take a few hours or several days after the trade is made. It depends on the clearance process. In the United States, the settlement date for marketable shares is usually 2
Read this term It concerns alleged violations of US sanctions, as Poloniex allowed clients from sanctioned areas, including Crimea, Cuba, Iran, Sudan and Syria, to engage in digital asset trading between January 2014 and November 2019.
The alleged violations, which spanned from January 2014 to November 2019, amounted to nearly 66,000 cases, with sanctioned clients in the region trading more than $15.3 million in digital assets.
OFAC stressed that Poloniex allowed these activities despite knowing customer locations through “know your customer” information and IP address data.