Justin Sun’s Poloniex Faces Over $100 Million Loss in Cryptocurrencies
In a recent report by cybersecurity firm Cyvers Alerts, it was revealed that a suspicious address received $12.4 million from HTX exchange. Additionally, another address linked to Justin Sun’s business ventures accumulated approximately $85 million from HECO Chain bridge. These findings indicate that Justin Sun’s Poloniex, a prominent cryptocurrency exchange, is now dealing with a loss of more than $100 million in various cryptocurrencies.
Transfer of Tokens and Recent Thefts
Data from Arkham Intelligence shows that HECO Chain Bridge transferred a significant number of Tokens, including 42.11 million USDT, 10,000 ETH, 489 BTC, and other assets exceeding $84 million to an empty address. The USDT and BTC were then sent to decentralized exchanges like Uniswap and 1inch, converted to ETH, and sent to new addresses. This incident marks the fourth recent theft involving Justin Sun projects.
Previous Attack on Poloniex
Prior to this incident, the cryptocurrency exchange Poloniex experienced another attack on its hot wallets, resulting in a loss of over $120 million across the Bitcoin, Ethereum, and Tron networks. In response, Justin Sun offered a $10 million white hat reward through Etherscan for the return of the stolen funds.
Proceeding with Caution
Given these events, investors are now being advised to exercise caution due to the ongoing code red situation surrounding Justin Sun’s ventures.
Hot Take: Justin Sun’s Poloniex Suffers Significant Losses in Cryptocurrencies
In a major setback for Justin Sun’s Poloniex cryptocurrency exchange, it has been revealed that the platform has incurred a loss of more than $100 million in various cryptocurrencies. This comes after a suspicious address received $12.4 million from HTX exchange and another address associated with Justin Sun’s business ventures accumulated around $85 million from HECO Chain bridge. The incident marks the fourth recent theft involving Justin Sun projects. Previously, Poloniex experienced an attack on its hot wallets, resulting in a loss of over $120 million across multiple networks. As a result, investors are being urged to exercise caution amidst the ongoing code red situation surrounding Justin Sun’s ventures.
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