Yes. On November 10, 2023, Poloniex, a cryptocurrency exchange, was hacked for more than $120 million worth of cryptocurrencies.
The hackers were able to access Poloniex’s hot wallet and drain it of a variety of assets, including Bitcoin, Ethereum, Tron, and USDT.
Poloniex has confirmed the hack and is currently investigating the incident. They have also stated that they will fully reimburse the affected users.
This is a major security breach and a reminder that even the largest and most well-established crypto exchanges are not immune to attack.
Here are some tips to help protect yourself from crypto exchange hacks:
- Only use reputable crypto exchanges.
- Enable two-factor authentication on your account.
- Only store a small amount of cryptocurrency on your exchange account.
- Withdraw your cryptocurrency to a cold wallet when you are not using it.
- Be careful of phishing emails and scams.
Poloniex has been hacked in 2014?
Yes, Poloniex was hacked in 2014. On March 4, 2014, the exchange lost 76.69 bitcoins (worth around $50,000 at the time) due to a vulnerability in its code base.
The hacker was able to exploit the vulnerability to place multiple simultaneous withdrawals, which were processed at the same time before the system could check for a negative balance. This allowed the hacker to withdraw more bitcoins than were actually in the exchange’s hot wallet.
Poloniex was unable to cover the losses, so it deducted 12.3% from all user balances. This was a controversial decision, but the exchange argued that it was necessary to prevent a bank run.
The 2014 hack was a major learning experience for Poloniex, and the exchange has since implemented a number of security measures to prevent future hacks.
What were the Major Crypto Exchanges Hacks?
Here are some of the major crypto exchange hacks in history, ranked by the amount of cryptocurrency stolen:
1. Ronin Network (March 2022) – $625 million
2. Poly Network (August 2021) – $611 million
3. FTX (November 2022) – $600 million
4. Binance (October 2022) – $570 million
5. Coincheck (January 2018) – $534 million
6. Mt. Gox (February 2014) – $473 million
7. Wormhole (February 2022) – $325 million
8. Bitmart (December 2021) – $196 million
9. Nomad Bridge (August 2022) – $190 million
10. Beanstalk (April 2022) – $182 million
11. Wintermute (September 2022) – $162 million
Crypto exchange hacks are a major problem in the industry, and they have resulted in billions of dollars in losses for users. Hackers typically exploit vulnerabilities in exchange software or security procedures to steal cryptocurrency.
Exchanges have taken a number of steps to improve security in recent years, but hackers are constantly developing new methods of attack. It is important for users to be aware of the risks and to take steps to protect their own funds, such as using strong passwords, enabling two-factor authentication, and withdrawing cryptocurrency to a cold wallet when not in use.
Did Poloniex publish an official statement regarding the hack?
Justin Sun confirms Poloniex hack, assures users of 100% reimbursement.
Poloniex published an official statement regarding the hack on their website on November 10, 2023. The statement confirmed the hack and stated that the exchange was investigating the incident and would provide more information as soon as it was available. The statement also assured users that their funds were safe and that the exchange would reimburse all affected users.
Here is an excerpt from the official statement:
We are currently investigating a security incident involving our hot wallet. We have taken all necessary steps to secure our systems and protect our users’ funds. We want to assure our users that their funds are safe and that we will fully reimburse all affected users.
Poloniex has not yet released any further information about the hack, but they have stated that they will provide more updates as they become available.
