Private Key Leakage
Market research platform X-explore suggests that the recent Poloniex hacking incident, resulting in a loss of an estimated $114 million, was likely carried out by the North Korea-backed cybercriminal entity, the Lazarus Group. This conclusion was drawn after observing the hackers’ tactics, which bear similarities to those used in a previous breach of Stake.com on Sept. 4, 2023.
According to X-explore’s analysis shared on Twitter, the breach may have been caused by a leakage of the private key. The platform pointed out that the normal withdrawal process at Poloniex is EIP-1559 type, while the attack transaction was in the Legacy type.
Justin Sun’s Response
Following the breach, Justin Sun, owner of Poloniex, announced that the team had successfully identified and frozen some of the stolen assets. He also stated that the losses were within manageable limits and could be covered by operating revenue. However, a timeline for when deposits and withdrawals would resume was not provided.
Hot Take
The North Korea-backed hacker group is thought to be behind the Nov. 10 Poloniex hot wallet breach. A market research platform has said “a leakage of the private key” could be the reason why the hot wallet got breached.
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