{"id":83483,"date":"2023-11-11T20:16:51","date_gmt":"2023-11-12T01:16:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/blockchain-security-firm-peckshield-reports-suspicious-activity-in-poloniex-exchange-wallet-60-million-drained\/"},"modified":"2023-11-11T20:16:54","modified_gmt":"2023-11-12T01:16:54","slug":"blockchain-security-firm-peckshield-reports-suspicious-activity-in-poloniex-exchange-wallet-60-million-drained","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83483","title":{"rendered":"Blockchain Security Firm Peckshield Reports Suspicious Activity in Poloniex Exchange Wallet \u2013 $60 Million Drained?"},"content":{"rendered":"
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The company has not disclosed the actual amount that was stolen but on-chain data outflows to the receiving wallet places the figure around $60 million.<\/p>\n

Following the disclosure of the hack, the company\u2019s Customer Support announced<\/a> on X (Twitter) that the wallet has been disabled in the meantime and new facts will be added to that thread.<\/p>\n

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Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.<\/p>\n

\u2014 Poloniex Customer Support (@PoloSupport) November 10, 2023<\/a><\/p>\n<\/blockquote>\n

Acquired by Justin Sun in 2019, its management team has hailed its financial position and security in the wake of recent collapses. Sun, acknowledging the incident, said on X<\/a> that the company will conduct an investigation and reimburse affected users.<\/p>\n

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\u201cWe are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.\u201d<\/i><\/p>\n<\/blockquote>\n

The recent incident has sparked renewed concerns on crypto platforms facing hacks in recent weeks with most crypto users calling the event unfortunate asking for a thorough investigation and full disclosure of facts afterward.<\/p>\n

Poloniex reportedly lost more assets\u00a0<\/h2>\n

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While initial reports placed the total assets at $60 million, data from Arkham Intelligence show the actual figure may have hit $122 million which includes the platforms TRON, ETH, USDT as well as memecoins.<\/p>\n

The major cause of the hack is not yet disclosed but the malicious actor\u2019s activity has been tracked on-chain with experts giving an overview of recent events. The hacker deployed two wallets sending stolen funds in sequence before swapping them for USDC utilising the Metamask swapping feature.\u00a0<\/p>\n

Sun also added that the exchange would offer a 5% \u201cwhite hat bounty<\/i>\u201d before contacting law enforcement with the hopes of recovering some assets in the shortest possible time.<\/p>\n

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\u201cWe are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH\/TRX\/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.\u201d<\/i><\/p>\n<\/blockquote>\n

The last few months have seen several platforms and protocols lose funds from the activities of bad actors leading to calls for stronger security from developers.<\/p>\n

In September, $8 million about 500 ETH was drained from HTX, an exchange which Sun invests in, and stated that the losses made up two weeks\u2019 revenues which have been fully recovered.\u00a0<\/p>\n

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$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue for the HTX platform.<\/p>\n

\u2014 H.E. Justin Sun \u5b59\u5b87\u6668 (@justinsuntron) September 25, 2023<\/a><\/p>\n<\/blockquote>\n

\u201cAs a result, all funds are secure, and trading operations have continued as usual. We promptly addressed and resolved all issues, restoring the platform to its normal state without delay,<\/i>\u201d he added.<\/p>\n

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