Poloniex Hack: Total Funds Stolen Reaches Over $126 Million

Poloniex Hack: Justin Sun’s Poloniex suffered a hack on November 10, with total funds stolen reaching over $126 million. Tron founder Justin Sun confirmed that the exchange was hacked after Crypto Twitter revealed a potential hacking incident at Poloniex. Justin Sun plans to reimburse affected users and offer a “white hat bounty” to the hacker.

Poloniex Suffers 126 Million Hack

CoinGape Media reported that Tron chain address transferred large assets such as USDT, BTC, USDD, USDC, ETH, FLOKI, TUSD, and many other assets, worth over $100 million in 357 transactions.

The crypto community blamed Poloniex and Justin Sun for trying to hide the hacking incident. After multiple users reported disabled wallets, Poloniex Customer Support said:

“Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.”

Later, Justin Sun confirmed the Poloniex hack to the crypto community. Also, he announced a 5% white hat bounty to the hacker for returning hacked funds in 7 days. The exchange is considering to engage law enforcement if the hacker fails to coordinate.

Poloniex hacked.

Don't know much details yet. We hope it will be resolved soon, and always ready to help if any of the funds flow our way.

Please stay #SAFU. 🙏 https://t.co/jIEAvXUpGn

— CZ 🔶 Binance (@cz_binance) November 10, 2023

Scopescan monitoring showed that the hacker used USDC to purchase TRX on Ethereum and USDT on the TRON chain. So far, he has purchased a total of 206 million TRX (approximately $22.8 million). This should be the reason for TRX’s surge.

TRX price jumped 8% in an hour, with the price currently trading at $0.10. The 24-hour low and high are $0.097 and $0.11, respectively.

Also Read:

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.