Last Updated on 11 November 2023 by Admin

After the hack that cost around $216 million in cryptocurrency, Justin Sun, founder of TRON and owner of Poloniex, spoke out about the steps taken to deal with the situation, saying that the losses are within “manageable limits” that the organization can easily handle.

Sun used twitter to notify the public and impacted clients that Poloniex had located and frozen some of the assets linked to the hacker’s addresses. In the meanwhile, deposits and withdrawals have not been restored but will be in the following days.

He also stressed the need of restoring the Poloniex systems and preserving the necessary evidence.

On Friday morning, blockchain security firm PeckShield said that cryptocurrency exchange Poloniex had been hacked, with the attacker making off with over $100 million. This left the exchange with just over $4 million in digital currency. On Etherscan, the new wallet is labelled as Poloniex 4, and several questionable withdrawals have been seen from it.

Currency such as USDT, BTC, USDD, USDC, ETH, FLOKI, and TUSD were transferred out of the wallet in a total of 357 fraudulent transactions. In order to prevent any future losses and to effectively do some maintenance, Poloniex instantly deactivated their wallets. Sun told customers that after the audits were over, their wallets will be refunded in full.

Additionally, he said that they were collaborating with other cryptocurrency exchanges to retrieve the missing funds. CEO of Binance Changpeng ‘CZ’ Zhao sent his condolences to Poloniex, saying he hoped the assault wouldn’t do too much damage.

Sameer Ahmed

By Sameer Ahmed

Sameer is passionate about writing and doing research on financial aspects of the modern world. His love for analytics brought him to this field. Contact: