Justin Sun’s Poloniex Disables Wallets to Tackle $100M Attack

The exchange has disabled user wallets amid 15% TRX surge.

Skull laying in the middle of the dessert next to a hacked computer.
Created by Kornelija Poderskytė from DailyCoin
  • 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.


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’. 


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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.