Poloniex Hack: Over $117 Million Stolen
The cryptocurrency market is facing a new criminal event, with more than $117 million reportedly stolen from Poloniex on November 10. Poloniex is a centralized exchange owned by Justin Sun, the founder of Tron (TRX).
Justin Sun tweeted about the hack incident at 11:42 am UTC, stating that they are investigating the incident and will fully reimburse the affected funds. They are also exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.
At the time of publication, 107 cryptocurrencies have been stolen for amounts exceeding $10,000 each, out of the $117.20 million identified by Arkham Intelligence.
What Cryptocurrencies Were Stolen by the Poloniex Hacker?
The highest stolen amounts by the “Poloniex Hacker” were in Ethereum (ETH), Tron (TRX), Bitcoin (BTC), and Wrapped BTC (WBTC). However, Justin Sun’s exchange also lost meaningful amounts of several other cryptocurrencies, each having more than $100,000 worth of tokens stolen.
The total assets in the hands of the Poloniex Hacker could further increase as investigations are still ongoing. Other exchanges may unite in an attempt to prevent these funds from being dumped. The effects of such a massive hacking event are yet to be discovered and could trigger a bearish trend reversal for the affected digital assets.
Hot Take: The Impact of the Poloniex Hack
The cryptocurrency market faces uncertainty following the Poloniex hack, with over $117 million stolen. The repercussions of this event could lead to a significant downturn for affected digital assets as exchanges unite to prevent further damage.
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