Poloniex Losses Within “Manageable Limits”

Poloniex Losses Within “Manageable Limits”

Following the hack which led to a loss of over $100 million in crypto assets, TRON founder and owner of Poloniex Justin Sun has highlighted the different measures that have been taken to manage the Poloniex situation, stating that the losses are within “manageable limits” which the company can conveniently handle.

Poloniex to Reimburse Affected Users

Sun took to the X app to inform the public and affected customers that the Poloniex team had successfully identified and frozen a portion of the assets associated with the hacker’s addresses. In the meantime, deposits and withdrawals have not been reactivated but will be in the coming days. 

He also highlighted that Poloniex’s systems have been restored and relevant evidence preserved.

Earlier on Friday, blockchain security firm PeckShield announced that Poloniex was hacked and the perpetrator siphoned more than $100 million, leaving the company with only a little over $4 million in crypto assets. Some suspicious outflows were discovered on the new wallet which is tagged Poloniex 4 on Etherscan.

Notably, the illicit transfers were conducted in a total of 357 transactions with assets like USDT, BTC, USDD, USDC, ETH, FLOKI, TUSD exiting the wallet. Poloniex immediately disabled their wallets to avoid further losses and to efficiently carry out some maintenance exercises. Sun assured users that all affected wallets would be reimbursed once investigations have been completed. 

Furthermore, he stated that they were working with other crypto exchanges to recover the stolen funds. Binance CEO Changpeng ‘CZ’ Zhao sympathized with Poloniex, stating that he hopes the attack will not bring much losses. 

He also offered to help, especially if the hacker tried to move any part of the funds through Binance.

Poloniex Hacker Offered 5% Bounty Reward

In addition to their investigative effort, the exchange has offered a 5% bounty reward to the hacker if the funds are returned within seven days. According to his post on X, Sun promised to take legal action if the funds are not returned within these timeframe.

He advised the bad actor to make a refund to the underlisted wallets: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, TRX: TUgSgCQL6pMSy9zByn4sgxqrJa95sZExBG and BTC: 14XKsv8tT6tt8P8mfDQZgNF8wtN5erNu5D. 

Many crypto community members blamed the TRON founder and Poloniex for trying to conceal the hacking incident. In an updated report, Coingape reported that the volume of stolen assets is currently around $126 million.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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