Justin Sun’s Poloniex exchange is grappling with a suspected theft. It has potentially exceeded $100 million in losses. The platform temporarily disabled its wallet for maintenance. It promises to update users once they are re-enabled for normal operation.

Justin Sun Investigates Poloniex Hack, Pledges Full Fund Reimbursement

Justin Sun is actively investigating the Poloniex hack to find out the real cause behind this unfortunate incident. He has assured users of the exchange’s robust financial position and a commitment to fully return affected funds. Collaborative efforts with other exchanges are underway to accelerate fund recovery.

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.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023

Before the freezing, the hacker moved significant assets—$21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC—to other addresses. This total amount is more than $42.83 million. Presently, only $6.54 million remains frozen.

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The hack’s impact has surpassed $100 million, as estimated by Arkham Intelligence, with the Ethereum chain bearing the brunt at $56.91 million. The primary loss on this chain includes ETH, where the hacker now possesses over $35 million. It is followed by 0x and Link, with stolen coins collectively worth over $2 million.

Collaborative Efforts Initiated to Recover Stolen Funds After Poloniex Hack

Poloneix exchange faces another setback with a reported loss exceeding $60 million. This revelation comes from sources like Colin Wu and blockchain security firm Peckshied. Various cryptocurrencies, including Link, TRX, and TUSD, have been affected by this incident.

Poloniex’s wallet, disabled for maintenance, has not officially disclosed the cause. Justin Sun, the founder of Tron and Poloniex owner, addresses the situation on his official account. He also vows thorough investigation and full reimbursement for affected funds. The exchange remains financially sound. Collaborative efforts are underway with other exchanges to recover stolen funds.

This incident follows a similar hack on Sun’s HTX exchange in September 2023. It resulted in the loss of 5000 ETH (nearly $8 million). Despite the setbacks, Sun assured users that the losses were fully covered, and all related issues were successfully resolved. It equates the stolen $8 million to two weeks’ revenue for the exchange.