Poloniex Crypto Exchange Reportedly Hacked for Over $100 Million

November 10, 2023

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Cryptocurrency exchange Poloniex was reportedly hacked today for over $100 million worth of digital assets, according to blockchain analytics firm LookOnChain and Watcher Guru.

LookOnChain reported that the alleged hacker has been selling the stolen cryptocurrency assets on both the Ethereum and Tron networks. Images were shared showing the hacker’s wallet addresses actively sending transactions, purportedly to liquidate the stolen funds.

And more:

Poloniex, founded by Tron creator Justin Sun, has not yet publicly confirmed or denied the reported hack. The exchange has been contacted for comment.

This reported hack serves as an unfortunate reminder that cryptocurrency exchanges can still be vulnerable to security breaches. While hacks have become less frequent as the industry matures, they still occur. It’s important for traders to be vigilant and enable all possible security features on their exchange accounts, such as two-factor authentication. Storing funds in private wallets rather than on exchanges can also help mitigate risk.

As more details emerge, we will provide updates on the status of the reported Poloniex hack and the extent of the potential damages. This event highlights the ongoing need for improved security and safeguards when working with cryptocurrency and digital assets.

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