Over $100 million stolen from Tron founder Justin Sun’s Poloniex crypto exchange

The cryptocurrency market faces a new multi-millionaire criminal event on November 10. On this Friday, more than $117 million was reportedly stolen from Poloniex, a centralized exchange owned by Justin Sun, founder of Tron (TRX).

Justin Sun commented on X at 11:42 am UTC about the hack incident:

“We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.”

— Justin Sun (@justinsuntron) 

So far, 107 cryptocurrencies have been stolen for amounts superior to $10,000 each, out of the $117.20 million identified by Arkham Intelligence, at the time of publication.

Ponoliex hacker address.
Ponoliex hacker address. Source: Arkham Intelligence

What cryptocurrencies were stolen by the Poloniex Hacker?

Banking

JPMorgan implements programmable payments using blockchain tech

Cryptocurrency

Top 3 cryptocurrencies under $1 to buy next week

Cryptocurrency

Short squeeze alert for November 10: Two cryptocurrencies with potential to skyrocket

Cryptocurrency

Robinhood to launch Bitcoin and crypto trading in the EU and UK

Cryptocurrency

Is the crypto rally overachieving? Insights from JPMorgan

Notably, the highest stolen amounts by the “Poloniex Hacker” were:

  • Ethereum (ETH): 16,147 ETH ($33.62 million);
  • Tron (TRX): 288.44 million TRX ($30.61 million);
  • Bitcoin (BTC): 501.62 BTC ($18.55 million);
  • Wrapped BTC (WBTC): 364.29 WBTC ($13.28 million).

However, Justin Sun’s exchange also lost meaningful amounts of OX, TUSD, WETH, FLOKI, DYDX, AKITA, PEPE, BAT, TON. AAVE, JST, LOOM, UNI, TONCOIN, INJ, MATIC, SNX, SAND, GNO, SAITAMA, MKR, LDO, DAI, FRAX, SNT, GRT, GALA, POLY, RIO, KISHU, BAND, JESUS, MVL, GROK, FTT, STPT, RNDR, CHR, YFI, CAW, IMX, POLS, MDT, BID, DXT, KNC, BAD, CLV, SUSHI and CRO.

Essentially, each of the above-mentioned cryptocurrencies had more than $100,000 worth of tokens stolen. The list of the total assets in the hand of the Poloniex Hacker is even higher and could further increase as investigations are still happening.

It is expected that other exchanges unite in an attempt to prevent these funds from being dumped. Nevertheless, the effects of such a massive hacking event are yet to be discovered. Particularly, this event could trigger a bearish trend reversal for the affected digital assets.

Comments

Post a Comment

Popular posts from this blog

Bitcoin Price Prediction as the Coin Corrects to $25.8k After Traders Withdrew $100 Million in BTC from Binance

Image
Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price saw another dip over the weekend, similar to the one on May 5th. After a brief recovery between May 7th, BTC first dropped to $26.4k, where it remained for the rest of last week, until Saturday, when it crashed to a support at $25.8k, finally dropping below $26,000 once more. Since the drop, the price has been mostly stable, although Bitcoin trading sideways typically does not last. The big question now is whether the price is going to recover again or break the support and continue the drop. Experts believe that BTC might see a potential bullish rally of about +20-25% if the coin maintains its position above the trendline and successfully breaks out from the wedge to the upside. However, a bearish rally toward $21.5k is just as possible if the current support breaks. Others have argued that BTC needs to see $23k and $25k for future gain. The price came too close to the channel suppo
Read more

XRP Could Reach $10,000 For Its Role in CBDCs, Predicts Analyst

Image
Ripple announced a private XRP ledger (XRPL) in 2021 for CBDCs leveraging blockchain technology. The development makes cryptocurrencies “be leveraged as a neutral bridge asset for frictionless value movement between CBDCs and other currencies,” said the company. Around 130 countries around the world are looking to launch CBDCs, touting them as the future of all transactions. 98% of the world is exploring CBDC options, and XRP could gain big if they incorporate their ledger technology with other nations. Also Read: U.S. & European Union React to BRICS Expansion Taking this into consideration, pseudonymous cryptocurrency analyst Bitforcoinz predicted that Ripple ’s integration with CBDCs could catapult the XRP price to new highs. According to the price prediction, XRP could touch $10,000 if it powers CBDCs in all countries that explore digital currencies. #XRP was designed to settle CBDC's! There are not enough XRPz out there to brige all the money at a price of $10
Read more

Binance US chief the latest exec to leave amid regulatory troubles

Brian Shroder, the chief exec of Binance US , has stepped down and been temporarily replaced by chief legal officer Norman Reed, as the firm cuts one-third of its employees amid mounting regulatory scrutiny. Shroder’s departure comes hot on the heels of other Binance top executives leaving, including head of Eastern Europe and Russia, Gleb Kostarev, and global head of product, Mayur Kamat. The global crypto exchange is embroiled in numerous regulatory crackdowns and investigations by the US Commodity Futures Trading Commission (CFTC), Justice Department, and Securities and Exchange Commission (SEC), into money laundering, mishandling customer funds, ignoring sanctions, and more. Binance US has also decided to cut another round of employees, this time more than 100 people. A spokesperson said in a statement that the move was a direct result of regulatory pressure in the US. “The actions we are taking today provide Binance.US with more than seven years of financial runway and enab
Read more