Poloniex Offered $10 Million Bounty to Return Stolen $114 Million

by do son ·

Poloniex Hacker

The Poloniex exchange, recently victimized by a heist resulting in the theft of $114 million, has extended a magnanimous offer of a bounty for the restitution of the misappropriated funds by November 25, 2023. Failing this, the perpetrator faces imminent legal pursuit by law enforcement agencies from multiple nations.

According to PeckShield, a firm specializing in blockchain security and analytics, the Poloniex team successfully identified the individual responsible for the cyber intrusion on November 10.

Justin Sun, the proprietor of the cryptocurrency exchange, conveyed a message to the hacker via a blockchain transaction directed to the malefactor’s digital address. This communication, articulated in Chinese, English, Russian, and Korean, entailed an offer of a $10 million reward for the return of the stolen assets.

The message underscored the involvement of “police forces” from China, the USA, and Russia in the case. Sun stated that all funds pilfered in the breach had been marked for tracking, rendering them unusable. The hacker has been given until November 25, 2023, to return the stolen assets, in exchange for which he will receive the promised reward. Should this deadline lapse, the police from several countries will initiate a manhunt.

A user proposed aiding Sun in identifying the malefactor in exchange for reimbursement of 386 ETH, lost during the $196 million heist of the DeFi protocol Euler Finance in March.

“He is not from Russia, he is from Poland,” he intimated, alluding to the information at hand.

Mid-November witnessed Poloniex grappling with a substantial cyber onslaught, culminating in losses exceeding $100 million. Post-breach, Justin Sun offered the hacker to retain 5% of the pilfered funds if returned voluntarily, an offer that went unanswered.

Currently, Poloniex has announced its near completion of necessary steps to restore operational functionality and resume its regular trading activities. The exchange has also initiated a stringent security audit to bolster its defenses against threats. On November 15, Poloniex reported that the audit was underway. Upon its conclusion, the exchange anticipates confidently resuming its operations.

Tags: BlockchainhackerPoloniex