Poloniex Crypto Exchange Faces Hacking Incident, Losing At Least 60 Million Dollars, According to Reports

Crypto News- In a startling turn of events, cryptocurrency exchange Poloniex has reportedly fallen victim to a hacking incident amounting to at least $60 million. The blockchain analysis platform PeckShield flagged several suspicious transactions, prompting an alert to Poloniex and its owner Justin Sun, who acquired the exchange in 2019.

Poloniex Crypto Exchange Faces Hacking Incident, Losing At Least 60 Million Dollars, According to Reports

PeckShield’s warning revealed that a range of tokens, including Ethereum, Sandbox, Polygon, Lido DAO, DAI, FRAX, CRO, HEX, CHZ, and APE, were transferred to a new wallet. The security alert platform, APE Cyvers Alerts, estimates the unauthorized movement of around $60 million from Poloniex’s hot wallets.

Justin Sun, a major stakeholder in Poloniex, acknowledged the incident on Twitter, stating, ‘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.’

Despite the lack of detailed information surrounding the hack, there was an unexpected twist as TRON’s native token, TRX, experienced a 14% surge in value post-incident. Justin Sun, the founder of the TRON blockchain, found himself under scrutiny as the community questioned the curious timing of the TRX pump. A community member expressed suspicion, asking, ‘Why did the hacker use those funds to pump TRX ?’

As the crypto world reacts to this unexpected development, more details about the Poloniex hack are eagerly awaited. Join the conversation on our Telegram channel or reach out to us on TikTok, Facebook, or Twitter to share your thoughts on the Poloniex hack or any other crypto-related topics.