Poloniex Exchange Targeted in Security Breach, Urgent Action Required for Crypto Holders

**Poloniex Crypto Exchange Under Attack**

Reports have emerged that the Justin Sun-led Poloniex crypto exchange has fallen victim to a major hack, leading to the loss of over $60 million in various digital assets such as Tron (TRX), Pepe (PEPE), and Magic (MAGIC), among others.

The security breach was initially identified by Peckshield, a blockchain security firm, which detected unusual transactions from wallets linked to Poloniex. The firm brought attention to these transactions on X (formerly Twitter), urging the crypto exchange to investigate.

“Hi @Poloniex, you may want to take a look: @justinsuntron https://t.co/UobItZ9FpO,” tweeted PeckShield Inc. (@peckshield) on November 10, 2023.

**According to a report by Peckshield, the attack led to the loss of assets that could exceed $60 million.**

Poloniex did not immediately acknowledge the security breach but later revealed that it had frozen its wallet for maintenance. However, by that point, the attackers had already made off with a substantial amount of assets.

Similarly, Tron founder and owner of Poloniex exchange, Justin Sun, has responded to the incident by assuring the community that the exchange maintains a healthy financial position and that all affected users will be duly reimbursed for their losses.

*”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,”* stated Sun.

The tokens that suffered the most losses include GLM, with over $2.58 million stolen, Chainlink’s LINK with $2.4 million, and 0X with over $2.29 million. The wallet had held around $67 million before the attack, but reports indicate that there is less than $4 million left in the wallet now.

Wise Advice, a prominent crypto educator and YouTuber, cautioned their 130,000 followers to withdraw their funds from the exchange, stating, *”It seems like the hacker first drained all the assets and then used it to buy #TRX causing it to pump over 15%. If you have funds on it, withdraw it immediately.”*

The details of the exploit are still unfolding, and this report will be updated as more information is gathered. Be safe.

Source: [Crypto Total Market Cap on Tradingview.com](http://Tradingview.com)

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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