Poloniex Now Among Top 10 Largest Cex Hacks With $125 Million Loss – Crypto News – Crypto News
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Poloniex Now Among Top 10 Largest Cex Hacks With $125 Million Loss – Crypto News

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2 years ago

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Poloniex is offering a 5% white hat bounty to the hacker in exchange for the return of the stolen funds.

Poloniex, the centralized crypto exchange owned by Tron founder Justin Sun, was hacked for an estimated loss of about $125M.

Security firm Peckshield reported that the bulk of the stolen funds came from three major chains: Ethereum (ETH) with $56M, Tron (TRX) with $48M, and Bitcoin (BTC) with $18M.

The amount drained makes the exploit the seventh largest in CEX hack history, according to data compiled by rankfi.com. The largest exchange hack was a $532M loss on Coincheck.

Following the security breach, the U.S.-based exchange released a statement on X saying it is investigating the hack and that “its wallet has been disabled for maintenance.”

White Hat Bounty

The exchange is offering a 5% white hat bounty to the hacker in exchange for the return of the stolen funds. The offer will stand for seven days, after which the company will involve law enforcement in the case.

Sun said Poloniex “maintains a healthy financial position and will fully reimburse the affected funds.”

He further added that the exchange is looking into potential collaborations with other industry players to help recover these lost assets.

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