Saturday, July 13, 2024

Poloniex Offered $10 Million Reward to Hacker for Return of $120 Million

Poloniex is a popular cryptocurrency exchange platform headquartered in the United States that provides a diverse range of digital assets for trading. The platform was established in January 2014 by Tristan D’Agosta, with a vision to make cryptocurrency trading easier and more accessible for everyone.

According to recent reports, a theft took place around November 10th, and the perpetrators have announced their intent to return the stolen funds, amounting to $120 million, by November 25th.

Poloniex has recently announced that they have identified the hacker responsible for stealing $120 million worth of various cryptocurrencies. In an effort to recover the stolen funds, the exchange has offered a white hat reward of $10 million to anyone who can assist in returning the currencies.

The biggest stakeholder of Poloniex, Justin Sun, used the Ethereum network to send blockchain messages to addresses compromised in the breach. Sixteen transactions totaling $0.10 in Ethereum were started by Sun’s wallets, all of which had the identical multiple languages message.

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According to the statement, the stolen money has been successfully located, marked for tracking, and rendered useless. The statement also warns that the accounts of any financial counterparties that receive these assets will be frozen.

The hacked cryptocurrencies include Ethereum(ETM), Tron(TRX), and Bitcoin(BTC). Cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

Notably, 80% of the stolen assets were Ethereum, Tron, and Bitcoin; other losses included 3.1 million XRP and 577 billion Shiba Inu (SHIB).

Following the incident, Justin Sun, the founder of TRON, offered a 5% reward for the stolen funds. Unfortunately, the attackers did not respond to this offer. Additionally, there was collaboration with law enforcement agencies, and the reward was increased to $10 million.

Poloniex has implemented robust measures to counter the most significant instances of malicious attacks of the year.

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BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.

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