Contents:

· Poloniex suffers a loss of $114 million in a hacker attack

· Hackers use stolen funds to buy TRX, causing a short-term price increase of over 10%

· Justin Sun responds: full compensation for losses

· OPNX freezes all OX involved in the hack

· Poloniex has disabled wallet maintenance system multiple times

Poloniex suffers hacker attack, loses $114 million

BlockBeats Message. On November 10th, according to PeckShieldAlert's monitoring, the cryptocurrency trading platform Poloniex experienced an unusually large amount of abnormal withdrawals, suspected to have been attacked.

According to The Block's report, Poloniex's losses are currently estimated to have risen to $114 million, of which $49 million comes from the TRON network. Subsequently, Poloniex's official statement indicated that the trading platform's wallet has been disabled for maintenance, and once the wallet is re-enabled, the message will be updated.

Hackers use hacked funds to buy TRX, causing a short-term price increase of over 10%

According to Scopescan monitoring, the address starting with 0x0A59, suspected to be a Poloniex hacker address, received about $60 million in tokens from the address starting with 0xA910 on Poloniex for nearly 40 minutes, and is currently transferring the funds to more addresses. Among them, the address starting with 0x5c2a exchanged 11 million USDT for ETH, and 4.98 million USDC was transferred to the address starting with 0x8e4a.

The address starting with 0x0A59 has purchased over 206 million TRX, approximately $22.8 million. Afterwards, the address transferred 10.514 million GLM to the Golem Network token contract address, approximately $2.56 million.

As a result, according to the market data from OKX, at the time of writing, TRX has broken through $0.113 in the short term, with a current price of $0.1095 and a 15-minute increase of 11.1%.

Justin Sun Responds: Full Compensation for Losses

Regarding this, Justin Sun, the founder of TRON and a member of the HTX Global Advisory Committee, posted on social media stating that "we are currently investigating the Poloniex hack. Poloniex's financial situation is good and will fully compensate the affected funds. In addition, we are exploring opportunities to collaborate with other trading platforms to facilitate the recovery of these funds."

This response is similar to the one given when HTX was hacked in September.

Related reading: "New developments in the incident: HTX attacked, hacker returns about 8.2 million dollars"

Poloniex officials have also expressed their willingness to "offer a 5% white hat bounty in exchange for funds returned to the following ETH/TRX/BTC wallets," while noting that Poloniex's financial situation is healthy and giving the hacker seven days to consider a "settlement" proposal.

OPNX Freezes All Hackers OX

After the incident, Open Exchange (OPNX), a cryptocurrency claims and trading platform, stated that it has frozen all 197,756,563 OX tokens (approximately $2.72 million) suspected to be from the Poloniex hacker address starting with 0x0A59. These tokens cannot be transferred or sold.

Poloniex has disabled its wallet maintenance system multiple times in the past

Previously, Poloniex's official customer support account displayed multiple announcements of wallet bans on its homepage. Within just two days, multiple wallets including SATS, ORDI, VMPX, DOGE, SXP, and BYPASS were announced to be banned.

It is worth mentioning that Poloniex, as a globally renowned veteran trading platform, was founded by American crypto enthusiast Tristan in 2014. It was once known for its security and was rated as one of the safest cryptocurrency trading platforms. It has also received investment from top Wall Street investment bank Goldman Sachs and has a large user base. Its daily BTC trading volume once accounted for 50% of the global market share.

In late 2019, Poloniex received investment from Justin Sun and officially separated from Circle. At the Poloniex China Meetup, Justin Sun revealed himself as an investor in Poloniex. From investment to acquisition, Justin Sun also stated that he will integrate existing business with Poloniex in the future.

Under the matchmaking of Sun Yuchen, Poloniex and Tron have cooperated in many fields such as TRC20-USDT stablecoin, DeFi decentralized finance, and TRON trading zone. With the strategic cooperation with Tron, Poloniex's market has expanded from North America to global.

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