Published on mei 15, 2024, 12:53 am
Image source: Fox News
```json [ "TLDR: Poloniex was hacked in November 2023, losing over $100 million worth of Ether to a private key compromise. Despite efforts to recover the funds and track the hacker, over 17,800 ETH were recently moved through Tornado Cash. The hacker's evasion tactics highlighted security challenges in the crypto industry, but Poloniex remains committed to reimbursing affected users and enhancing security measures.", "Key Points: Poloniex hack led to $100 million Ether loss in 2023; Hacker moves 17,800 ETH through Tornado Cash; Poloniex-owner Justin Sun vows full reimbursement and increased security; Incident underscores crypto vulnerabilities and need for robust safeguards." ] ```
The blockchain world was rattled as the Poloniex hacker swiftly transferred over 17,800 Ether from six different wallets into a single Tornado Cash address. This hefty movement marked a significant shift in the saga of the $100 million Ether linked to the notorious Poloniex hack that shook the industry back in November 2023.
It all began on Nov. 10, 2023, when crypto exchange Poloniex witnessed massive unauthorized outflows from its wallets. Subsequent investigations unveiled a staggering loss of over $100 million worth of Ether (ETH) due to a malicious hack. Despite Poloniex’s attempts to identify the hacker and even offer a substantial $10 million reward, the stolen funds never found their way back to the exchange. The situation was believed to be a result of a “private key compromise,” as suggested by blockchain security firm CertiK.
In response to the alarming breach, Poloniex took swift action by temporarily shutting down the compromised wallet. However, hopes of recovering the looted funds were dashed six months later when it became clear that the hacker had no intentions of returning them. Blockchain analysis firm PeckShield revealed that more than half of the pilfered amount had been funneled through Tornado Cash, a privacy protocol designed to obfuscate asset trails.
The meticulous movement orchestrated by the hacker saw 17,800 ETH seamlessly flow from multiple wallets into one consolidated Tornado Cash address. At that moment, these tokens carried an approximate value of $53.3 million – underscoring the scale and audacity of this illicit operation.
Despite enduring this colossal setback, Poloniex resumed operations promptly, allowing users to resume their deposit and withdrawal activities seamlessly. The exchange took proactive measures by engaging a prominent security auditing firm to fortify fund security and safeguard against potential future breaches.
Justin Sun, owner of Poloniex since his acquisition in 2019, remained resolute in his commitment to reimbursing affected users fully. Assuring users by highlighting Poloniex’s sound financial standing, Sun expressed willingness to collaborate with other exchanges in efforts to recover the lost assets.
In a landscape where cyber threats loom large and anonymity can be weaponized for nefarious purposes, incidents like these underscore not only vulnerabilities but also resilience within the cryptoverse amidst evolving security challenges and safeguards being erected collaboratively across platforms.
It portrays both the allure and risks intertwined with digital assets while accentuating heightened vigilance essential for safeguarding cryptocurrency holdings against potential threats lurking in cyberspace.
Original article posted by Fox News
