Poloniex Hacked, Wallet Drained of Over $63 Million in Crypto

Crypto exchange Poloniex appears to have suffered a breach, with approximately $63 million in various crypto assets being drained out of its hot wallet.

Details are thin at the moment, and while Poloniex is yet to release an official statement, it did reveal that the exchange wallet has been disabled for maintenance and will be updated once it is re-enabled.

Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.

— Poloniex Customer Support (@PoloSupport) November 10, 2023

• The incident was first flagged by blockchain expert PeckShield and was later confirmed by CertiK, noting the suspicious movement of funds from Poloniex’s hot wallet number 4.
• An initial examination of the addresses receiving the outflows indicates that more than $63 million worth of cryptocurrency assets have been taken, and the outflows are still ongoing.
• Tron founder Justin Sun, who acquired the exchange in 2019, also confirmed the hack and added that the stolen funds will be reimbursed.

“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.”

• Meanwhile, Arkham Intelligence announced creating and funding a bounty to help identify the person or organization behind the exploit.

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