- The centralized cryptocurrency exchange Poloniex has suffered a major cyberattack.
- The exchange has disabled users’ wallets.
- TRX is experiencing a price surge.
The unrelenting trend of hacks, phishing scams, and cyberattacks has remained an enduring menace in the cryptocurrency industry, leaving virtually no exchange or entity untouched.
Poloniex, a centralized cryptocurrency exchange owned by Justin Sun, joins the rank of victims throughout the year.
Poloniex Drained of $100 Million, TRX Surges
In the early hours of November 10th, cryptocurrency trading exchange Poloniex fell victim to a significant cyberattack, resulting in a staggering loss of over $100 million.
Sponsored
Blockchain Security Firm Peck Shield alerted the exchange’s CEO of suspicious fund outflows from a Poloniex wallet, initially suggesting that over $63 million had been drained of the wallet’s $67 million holding.
Subsequently, Arkham Intelligence revealed that the exchange’s losses had amounted to an additional $40 million, bringing the total loss to more $100 million.
The hacker seemingly targeted various accounts associated with the exchange and converted the stolen funds to TRX tokens, sparking a %25 price surge.
Poloniex’s Response
In response to the news, Poloniex declared the suspension of the exchange’s wallets for ‘maintenance’.
Sponsored
The exchange’s CEO Justin Sun also addressed users via X (formerly Twitter), stating that an investigation is underway.
Sun added that the exchange is engaged in discussions with other entities to facilitate the recovery of the lost assets.
Additionally, a fully funded 5% bounty has been set up and offered to unveil the attackers.
Read more on hacks and scams in the cryptocurrency industry as regulators tighten on scrutiny:
South Korea Cracks Down on $14M Multi-Level Crypto Scam
Crypto entities are bolstering security to crack down on threat actors within the cryptocurrency industry. Find out more:
Atomic Wallet Freezes $2M in Suspicious Crypto Transactions
