Poloniex has identified the perpetrator behind the $120 million hack on November 10th and is offering a $10 million white hat reward for the funds’ safe return by November 25th.
The majority shareholder, Justin Sun, used blockchain messages to communicate with the hacker and initiated legal action with law enforcement agencies in China, Russia, and the U.S. The message revealed that all stolen funds were tracked, rendering them unusable, and warned of frozen accounts for financial entities receiving the assets.
Poloniex set a November 25th deadline for voluntary fund returns, threatening police intervention otherwise. Initially offering a 5% white hat bounty, Poloniex increased it to $10 million as the deadline neared.
The hack involved a compromise of Poloniex’s hot wallet, resulting in $120 million in losses across various cryptocurrencies. Poloniex assured users it would cover losses, temporarily halted withdrawals, and plans to resume deposits and withdrawals soon.
The increased reward and law enforcement involvement highlight Poloniex’s strong stance against this significant black-hat hack.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
