More than $120 million worth of cryptocurrency seems to have been compromised in a massive security breach at Poloniex.
As of today, on-chain data suggests that the total value of withdrawals from Poloniex wallets related to the incident surpasses $120 million.
It seems that the centralized cryptocurrency exchange Poloniex had a security breach on its Poloniex 4 wallet, as shown on Etherscan.
The exchange has not confirmed the exact amount, but suspicious withdrawals from the hot wallet suggest a significant portion of its money were lost in the event.
PeckShield and Arkham Intelligence, two research businesses, conducted preliminary analyses of the addresses that received the withdrawals and concluded that more than $120 million worth of crypto assets were stolen.
Due to maintenance, our wallet is now unavailable. The exchange promised on its X account that it will provide an update once the wallet was functional again.
In 2014, Poloniex became the first regulated cryptocurrency exchange. In 2019, Justin Sun, creator of Tron, purchased the market.
Sun has responded to the situation by saying Poloniex is investigating and has confirmed its plan to refund all impacted customer monies.
The hacking situation at Poloniex is still under investigation. Sun assured customers that Poloniex is in good financial standing and will replace any lost cash.
Sun also offered the attacker a 5% whitehat reward in exchange for the recovery of all stolen funds within seven days, after which they would be reported to police authorities.
The title was revised to accurately represent the magnitude of the impacted financial resources, and supporting information was included elsewhere in the piece.