Tron Founder Justin Sun’s Poloniex Exchange Hit by $100M+ Crypto Hack

Tron Founder Justin Sun's Poloniex Exchange Hit by $100M+ Crypto Hack

In a stunning development on November 10, the cryptocurrency market faced a significant setback as over $117 million was reportedly stolen from Poloniex, a centralized exchange owned by Justin Sun, the founder of Tron (TRX). This unfortunate incident ranks among the most substantial criminal events in the cryptocurrency space this year.

Justin Sun Addresses the Hack

Responding promptly to the breach, Justin Sun made an official statement at 11:42 am UTC, stating, “We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.” Sun’s assurance regarding the exchange’s financial stability and commitment to reimbursing affected users aims to alleviate concerns within the community.

Scope of the Hack

The breach targeted a staggering 107 cryptocurrencies, with each theft exceeding $10,000. As of the latest report by Arkham Intelligence, the total stolen amount stands at $117.20 million. This extensive list of affected cryptocurrencies underscores the scale and complexity of the security breach.

Top Stolen Cryptocurrencies

The Poloniex Hacker strategically focused on various major cryptocurrencies, with the highest amounts stolen from:

  • Ethereum (ETH): 16,147 ETH ($33.62 million)
  • Tron (TRX): 288.44 million TRX ($30.61 million)
  • Bitcoin (BTC): 501.62 BTC ($18.55 million)
  • Wrapped BTC (WBTC): 364.29 WBTC ($13.28 million)

Diverse Range of Affected Tokens

Beyond the major cryptocurrencies, a diverse array of tokens suffered substantial losses. Notable among them are OX, TUSD, WETH, FLOKI, DYDX, AKITA, PEPE, BAT, TON, AAVE, JST, LOOM, UNI, TONCOIN, INJ, MATIC, SNX, SAND, GNO, SAITAMA, MKR, LDO, DAI, FRAX, SNT, GRT, GALA, POLY, RIO, KISHU, BAND, JESUS, MVL, GROK, FTT, STPT, RNDR, CHR, YFI, CAW, IMX, POLS, MDT, BID, DXT, KNC, BAD, CLV, SUSHI, and CRO. Each of these tokens had more than $100,000 worth stolen, demonstrating the breadth of the attack.

Ongoing Investigations and Potential Ramifications

Investigations into the incident are still ongoing, and the total assets in the possession of the Poloniex Hacker may increase as more information comes to light. Concerns linger over the potential market impact of such a massive hacking event. There are fears that it could trigger a bearish trend reversal for the affected digital assets.

Collaborative Efforts and Future Outlook

In an attempt to mitigate the fallout, it is expected that other cryptocurrency exchanges will collaborate to prevent the dumped funds from causing further disruptions in the market. The full extent of the consequences of this unprecedented hack is yet to be discovered, but the industry will undoubtedly be closely monitoring developments in the coming days.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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