The theft of cryptocurrencies from a wallet address belonging to the famous cryptocurrency exchange Poloniex has caused a stir in the crypto world. Justin Sun, the owner of Poloniex, made the expected announcement following the estimated $50 million hack attack. Sun confirmed the hack and stated that all stolen funds will be covered.
Justin Sun Confirms the Attack
One of the oldest cryptocurrency exchanges, Poloniex, was hit by a hack attack that resulted in the theft of over $50 million worth of cryptocurrencies. Sun, confirming the attack, said that all stolen funds will be covered.
In a statement from his personal account after the hack, Sun said, “We are investigating the Poloniex hack incident. Poloniex’s financial situation is healthy, and all stolen funds will be covered. Additionally, we will cooperate with other cryptocurrency exchanges to recover the stolen funds.”
Hacker Deposits Stolen Funds into Tron (TRX)
The Poloniex hacker surprised everyone with a move following the attack. It was discovered that the hacker used a portion of the stolen funds to buy Tron (TRX), which resulted in a significant increase in the price of the altcoin within minutes. After the price increase of TRX, the hacker made another move and started selling the TRX acquired on the Ethereum network. According to data from the crypto data and price platform CoinMarketCap, TRX is currently trading at $0.1069, showing a 6.89% increase in the last 24 hours.
Meanwhile, on-chain analysts quickly identified the wallet address where the Poloniex hacker transferred the stolen cryptocurrencies. Currently, the hacker holds a significant amount of altcoins, including GLM worth $2.58 million, LINK worth $2.4 million, OX worth $2.4 million, FLOKI worth $826.2 thousand, and MANA worth $732.3 thousand. Experts believe that the hacker will sell all these altcoins.
