Justin Sun's Poloniex platform was hacked on November 10, with the total amount of stolen funds reaching more than $126 million. Justin Sun, founder of Tron, confirmed. The trading platform was hacked after the encrypted website Twitter revealed a possible hacking incident at Poloniex. Justin Sun plans to compensate affected users and offer a “white hat bounty” to the hacker.
Poloniex suffers a loss of $126 million. The Tron chain address transferred large assets such as USDT, BTC, USDD, USDC, ETH, FLOKI, TUSD and many other assets. With a value of more than $100 million in 357 transactions.
The cryptocurrency community blamed Poloniex and Justin Sun for trying to hide the hacking incident. After many users reported a defect in the wallets. Poloniex Customer Support said: “Our wallet has been down for maintenance. We will update this topic once the wallet is re-enabled.”
Later, Justin Sun confirmed the Poloniex hack to the cryptocurrency community. He also announced a 5% white hat bounty to the hacker for returning the hacked funds within 7 days. The trading platform is considering involving law enforcement if the hacker does not contact them.
Scopescan monitoring showed that the hacker used USDC to buy TRX on Ethereum and USDT on the TRON chain. So far, he has bought a total of 206 million TRX (about $22.8 million). This must be the reason for TRX's rise.
TRX price jumped by 8% within one hour. The price is currently trading at $0.10. The 24-hour low and high are $0.097 and $0.11 respectively.
