- Poloniex has uncovered the identity of the hacker behind the recent $100 million theft and has involved law enforcement in the US, China, and Russia.
- Poloniex is offering the hacker a $10 million white hat bounty to return the stolen funds by November 25th before law enforcement takes action.
- The hack occurred on November 10th when over $100 million was drained from a Poloniex wallet. Poloniex has resumed operations after a security audit and is actively investigating.
On November 18th, blockchain security firm PeckShield revealed that Poloniex has made progress in its investigation into the recent $100 million hack. PeckShield shared an on-chain message from Poloniex stating that the hacker’s identity has been confirmed and that law enforcement in the US, China, and Russia are now involved.
Poloniex Offers $10 Million White Hat Bounty
The message offered the hacker a $10 million white hat bounty if the stolen funds were returned by November 25th. After this deadline, Poloniex stated that law enforcement will take action. While some in the crypto community have criticized Poloniex for offering such a large bounty, it could help expedite the recovery process.
Details on the Hack
On November 10th, PeckShield reported that over $100 million was drained from a Poloniex wallet in multiple suspicious transactions. Poloniex confirmed the incident and suspended transactions while investigating. Tron founder Justin Sun, who owns Poloniex, said the exchange would cover all losses. He also announced a $5 million white hat bounty for the hacker to return the funds.
Progress So Far
Last week, Poloniex announced it had resumed deposits and withdrawals after completing a security audit. The exchange is actively investigating the hack, which security experts believe involved compromised private keys. While Poloniex has faced criticism for its handling of the hacker bounty, the discovery of the hacker’s identity marks a major breakthrough in the investigation. The exchange is hopeful that the $10 million bounty will lead to a smooth recovery of the stolen funds.
