“Poloniex Hack: TRON Founder Justin Sun Assures Manageable Losses“
Following the recent hack that resulted in a loss of more than $100 million in crypto assets, TRON founder and Poloniex owner Justin Sun has reassured the public that the situation is under control. He stated that the losses are within “manageable limits” and that the company is capable of handling them.
Reimbursement Plans for Affected Users
Sun used the X app to communicate with the public and affected customers, informing them that the Poloniex team had successfully identified and frozen a portion of the assets associated with the hacker’s addresses. Although deposits and withdrawals are still suspended, they will be reactivated in the coming days.
Recovery Efforts and Bounty Reward
In addition to freezing the assets, Poloniex is working with other crypto exchanges to recover the stolen funds. The exchange has also offered a 5% bounty reward to the hacker if the funds are returned within seven days. Sun has promised to take legal action if the funds are not returned within this timeframe.
Hot Take: Lessons Learned from Poloniex Hack
The recent Poloniex hack serves as a reminder of the importance of security measures in the crypto industry. It also highlights the need for collaboration among exchanges to address security breaches effectively. As an investor, it’s crucial to stay informed about such incidents and exercise caution when navigating the crypto space.
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