Poloniex, a centralized cryptocurrency exchange acquired by TRON founder Justin Sun, appears to have fallen victim to a security breach in one of its wallets, identified as Poloniex 4 on Etherscan. The incident raised concerns in the crypto community as suspicious outflows from the so-called hot wallet indicated significant loss of funds. Although Poloniex has not officially confirmed the exact amount, initial reports indicate that the hack may have affected over $63 million in crypto assets. Here are the details…
PeckShield says TRON founder’s exchange was hacked
Security firm PeckShield is actively monitoring the situation and reports that withdrawals from the seized wallet are continuing. The firm’s initial analysis indicates that a significant amount was “siphoned” from Poloniex. The exact nature and scope of the breach has yet to be determined, but the initial figures are alarming for both the exchange and its users. Addressing the issue through its customer support X account, Poloniex said, “Our wallet has been disabled for maintenance. We will update this topic when the wallet is reactivated.” said. Users are anxiously awaiting updates from the crypto exchange regarding the status of their funds and the overall security of the platform.
cryptokoin.com As we reported, Poloniex, founded in 2014 as a centralized exchange, has become an important player in the cryptocurrency market. Tron founder Justin Sun purchased the exchange in 2019, adding a layer of credibility to its operations. However, this latest security breach has cast a shadow over the platform’s security measures and raised questions about the security of funds stored on centralized exchanges. The incident comes at a time when the crypto industry is already under increased scrutiny from both regulators and investors.
Security measures are critical in the cryptocurrency field
Security breaches like the one facing Poloniex reinforce the need for robust security measures in the crypto space. As the investigation progresses, the crypto community will monitor how Poloniex responds to the breach. Security breaches have historically led to increased regulatory scrutiny and loss of trust among users. The impact of this incident on Poloniex’s reputation is not yet clear, but it is a stark reminder of the importance of security in the cryptocurrency ecosystem. It is critical that users be careful. They also need to consider the security track record of exchanges before entrusting crypto assets.
Response came from Sun, hacker bought TRX
In response to the incident, Sun stated that Poloniex was conducting an investigation and confirmed its intention to refund all affected user funds. “We are currently investigating the Poloniex hack. Poloniex maintains a healthy financial position and will fully repay the affected funds,” Sun said. Sun also stated that the exchange is considering cooperating with other exchanges to recover lost funds.
Meanwhile, interestingly, the price of TRX rose after the news emerged. Because the Poloniex breach perpetrator used the stolen $50 million to purchase TRX. This caused an upward increase in the price of the altcoin.
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