Poloniex Crypto Exchange Hacked: $33 Million Lost
Poloniex investor Justin Sun has confirmed the attack, saying the exchange “will fully reimburse the affected funds.”
The latest victim of a hack is crypto exchange Poloniex, which lost over $33 million worth of cryptocurrency. PeckShield analysts reported that the hackers drained millions from one of the exchange’s hot wallets. 21co’s Tom Wan estimated the loss at $34 million.
Investor Justin Sun confirmed the incident and assured customers that Poloniex “maintains a healthy financial position and will fully reimburse the affected funds.” The exchange froze all OX tokens stolen (197.7 million OX) and disabled a wallet for maintenance without disclosing details.
It was also reported that the hackers mistakenly sent GLM tokens to a smart contract address, resulting in a $2.5 million loss. Additionally, Lookonchain analysts claim that the hackers are attempting to launder the stolen funds on Ethereum for ETH and TRON for TRX.
This isn’t Poloniex’s first brush with hacking – in 2014, they lost over 12% of their Bitcoin reserves due to a code base vulnerability.
Hot Take: Is Poloniex Safe?
The recent hack raises concerns about Poloniex’s security measures and its ability to protect user funds. While they have promised full reimbursement, it’s crucial for users to exercise caution when trading on the platform until further security improvements are made.
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