Poloniex Hack, 10 Million Rewards At Stake!

Some ten days after the hack that cost Poloniex $120 million, the platform claims to have identified those responsible and is taking bold action by using blockchain technology to send warnings to the hackers’ addresses. The latter have been ordered to return the stolen funds by November 25, or face legal action in several countries.

Poloniex identifies its Hackers and offers a tempting reward!

After the initial 5% offer failed to have the desired effect, Justin Sun, as a key player in Poloniex, is taking a tougher stance towards the hackers who stole $120 million from the platform.

The article from the security and analysis company blockchain PeckShield published on Saturday September 18, shows significant progress in tracking stolen funds. Poloniex has officially identified the hackers.

Justin Sun sent blockchain messages on the network Ethereum to the hackers’ addresses, initiating a series of transactions containing a warning in several languages. These messages confirm the identity of the hackers and offer a $10 million reward for restitution by November 25.

The portfolios of Sun generated sixteen transactions, each worth $0.10 in Ethereum, containing the same message in several languages.

Drastic measures are already being taken against thieves!

According to Blockchain messages from Sun, Poloniex has taken drastic measures by hiring law enforcement agencies in China, Russia, and the United States to prosecute hackers if the funds are not returned voluntarily by this initial date. The stolen funds have been identified, marked and rendered unusable. Any individual receiving these assets would face the freezing of their financial accounts.

The Poloniex hack took place on November 10, resulting from the compromise of the exchange’s hot wallet. Losses totaled $120 million, involving cryptos such as Ethereum (ETH), Tron (TRX) and Bitcoin (BTC).

It should be noted that 80% of the stolen assets were represented by these three cryptos, with additional losses including 3.1 million XRP and 577 billion Shiba Inu (SHIB). Poloniex reassured users by promising to cover losses and temporarily suspending withdrawals to investigate and reinforce security.

Considering all the initiatives undertaken by Poloniex, do you think they will lead to voluntary restitutions by the pirates? Let’s follow the development of this case closely to assess its outcome. And as usual, prefer a cold wallet, like the one from D’CENT to a hot wallet!