Poloniex Registers Over $100M in Crypto Assets Stolen

Crypto exchange Poloniex hacked, loses US$100 million in assets

According to The Record, a news blog run by cybersecurity firm Recorded Future, more than US$100 million was taken from the bitcoin trading platform Poloniex during a cryptocurrency robbery on November 10.

The amount taken from Poloniex has been estimated differently, with PeckShield, Slow Mist, and Beosin reporting losses of approximately US$125 million, nearly US$130 million, and US$114 million, respectively. Ethereum, according to PeckShield, is responsible for the majority of the stolen funds. While the scope of the assault is still being looked into, Poloniex has promised to reimburse everyone impacted by the breach.

The company has stated that it is prepared to provide the hacker with a 5% bounty in exchange for the money, in addition to perhaps cooperating with partners to retrieve the stolen assets.

"The Poloniex team has successfully identified and frozen a portion of the hacker's assets." At the moment, the losses are modest, and Poloniex's operational revenue can cover them," said Poloniex owner and cryptocurrency entrepreneur Justin Sun.