Justin Sun's crypto exchange Poloniex says hackers stole $126M+ worth of crypto assets and that the company is working with other exchanges to recover the funds
It also arrives against a backdrop of infrastructure-level risk: a later BNB Chain exploit with substantial unrecovered assets underscored that recovery depends on where stolen tokens can be identified and contained, not only on the initial breach response.
First-order effects
Poloniex must investigate the theft and coordinate with other exchanges to identify and seek recovery of the stolen assets.
Exchanges asked to assist become immediate participants in the response, with decisions around suspected funds affecting the recovery effort.
Second-order effects
The incident raises the operational value of cross-exchange coordination: recovery depends on counterparties being able to recognize and act on suspect asset flows.
Other custodial platforms face renewed pressure to demonstrate that their security and incident-response processes can handle losses at this scale, particularly after earlier breaches at major venues.
Third-order effects
If repeated exchange and chain exploits continue, crypto custody is likely to be judged increasingly on coordinated containment and recovery capabilities rather than on trading features alone.
The pattern could further separate platforms with mature security-response networks from those without them, though the available coverage does not establish whether Poloniex will recover a material share of the assets.
The trend: Major crypto-security incidents are making cross-platform asset tracing and recovery a core part of exchange custody operations.
We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement. ETH Wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a 132 TRX:...
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.
Additionally, the team have restored Poloniex's systems, preserved relevant evidence, and in the coming days, we will work diligently to gradually resume deposits and withdrawals on Poloniex, ensuring 100% security. Apologize for any inconvenience this may have caused.
⚠️ @Poloniex was hacked for over $100 million Unfortunately, some $JESUS holders were affected and 1.43 trillion tokens were stolen and sold. @justinsuntron has pledged to reimburse any lost funds. Hacker address: 0x48aD24857D829A163aB63CbC2d861852Ea272 E70 [image]
@Poloniex I believe he confused the new wallet with the token address because of the 0x7. R.I.P northkorean hacker he will sleep today in a coffin. [image]
1 hour ago @Poloniex got hacked and lost around $30m in many altcoins. I suspect it is northkorea because they send all tokens to a new wallet, dump it and send back the ETH. Buuut as it seems like they accidently send $3m #GLM to the token contract, instead of new wallet. [image…
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.
Earlier today, Poloniex got hacked and more than ~$63M was drained from this exchange. There seems to be only one address that received the majority of the tokens. A 🧵👇 [image]