Threat Intelligence, Breach

Poloniex loses over $100M in crypto heist

More than $100 million has been stolen from cryptocurrency trading platform Poloniex following a cryptocurrency heist on Nov. 10, according to The Record, a news site by cybersecurity firm Recorded Future. Different figures have been given regarding the amount stolen from Poloniex, with PeckShield, Slow Mist, and Beosin estimating losses at nearly $125 million, almost $130 million, and $114 million, respectively. Most of the stolen assets were in Ethereum, noted PeckShield. Investigation into the extent of the incident is still underway but Poloniex said that all individuals impacted by the hack will be reimbursed. Aside from considering working with its partners to recover the stolen funds, the company also expressed willingness to provide a 5% bounty to the hacker in exchange for the funds. "The Poloniex team has successfully identified and frozen a portion of the assets associated with the hacker's addresses. At present, the losses are within manageable limits, and Poloniex's operating revenue can cover these losses," said Poloniex owner and cryptocurrency entrepreneur Justin Sun.

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