Markets News Report
November 10, 2023

Poloniex Exchange Hit by Suspected Theft of Over $60 Million in Asset Loss

Poloniex Exchange Hit by Suspected Theft, Over $60 Million in Assets Lost

Justin Sun’s Poloniex exchange has reportedly experienced a significant security breach, with suspected theft leading to a potential loss exceeding $60 million. This incident underscores the persistent risks and challenges faced by digital asset exchanges in maintaining robust security measures.

In response to the breach, Poloniex has temporarily disabled its exchange wallet for maintenance. The platform has assured users that updates will be provided once the wallet is back online. This response reflects their commitment to transparency and user security following the incident.

Poloniex’s Asset Loss Traced

Analysis of the exchange’s wallet activity reveals a drastic decrease in balance, plunging from $28 million to a mere $800,000. This sharp decline highlights the scale of the assets affected by the unauthorized access.

Etherscan’s data tracking shows the attackers receiving assets worth $28 million, adding to the severity of the breach.

In a twist to the event, the hacker responsible for the breach appears to have made a significant error. While intending to transfer $2.5 million in GLM tokens to a sale address, the hacker mistakenly sent them to the deployer’s address. This mistake could provide a lead in tracing the perpetrator and recovering the assets.

The incident at Poloniex not only brings to light the security vulnerabilities of crypto exchanges but also the swift and often complicated nature of digital asset transfers. It serves as a reminder to exchanges of the importance of stringent security protocols. Similarly, it underscores for users the need for vigilant asset management.

For more details and ongoing updates on the situation, interested parties can visit Etherscan and Zerion for transaction histories and asset tracking at Etherscan and Zerion.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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