Poloniex Suffers $125M Hack
On November 10, one of the top cryptocurrency exchanges, Poloniex, was the victim of a sophisticated hack that resulted in the loss of $125 million from its hot wallets. The attack affected over 175 different tokens, with some of the major losses including $11 million in USDT, $10.4 million in ETH, and $6 million in ELON.
XRP Tokens Amongst the Most Significant Losses
The hackers made off with approximately 3.1 million XRP tokens, amounting to roughly $2.07 million. This makes XRP one of the tokens with the most significant outflows in the hack. Other tokens that were heavily impacted include GLM ($2.5M), OX ($3.1M), SHIB ($4.7M), and USDC ($5M).
Response and Recovery Efforts
Following the breach, Poloniex’s owner Justin Sun confirmed the incident and offered a 5% bounty for fund recovery to incentivize the return of stolen funds. Sun acknowledged the sophistication of the attack as it targeted various wallets across multiple blockchains, highlighting the need for enhanced security measures.
Hot Take: Poloniex Breach Highlights Vulnerabilities
The Poloniex hack underscores the vulnerability of cryptocurrency exchanges to sophisticated cyber attacks and emphasizes the importance of implementing robust security protocols to safeguard digital assets.
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