Earlier this month, crypto exchange Poloniex was hacked. At the time of the hack, there was not enough information available to determine the real extent of the damage caused by the security breach. However, the team at Certik has now provided a detailed analysis of what happened during this major hack.
CertiK has shared that on 10th November, Poloniex wallets “on Ethereum, Tron and BTC were compromised leading to an overall loss of approximately $132 million.”
In total, the stolen funds have “passed through at least 681 wallets as assets are being laundered.” This is the second largest private key compromise that CertiK has “detected in 2023. Just 40 incidents involving private key compromises have accounted for 57% of the overall losses in 2023, demonstrating how devastating private key compromises can be.”
CertiK has shared the following Event Summary:
On 10th November, suspicious movements of funds “were detected originating from Poloniex hot wallets on Ethereum, Tron and BTC.”
The total lost in this incident “is approximately $132 million worth of assets, with the majority lost on the Ethereum Network.”
At the time of writing, the funds have “passed through over 600 wallets on Etheruem and 70 wallets on Tron.”
The funds have “not moved from the hackers Bitcoin wallet.”
The first suspicious movement of funds “occurred when approximately $18 million was transferred to the hackers BTC wallet at 10:34 AM UTC. Shortly after, the first movement of ERC-20 tokens were moved starting with 11 million USDT followed by approximately 642.9 ETHO on Tron.”
To swap the vast amount of ERC-20 tokens stolen, the hacker “transferred 0.5 ETH to a wallet operated by the hacker followed by a particular token which were then swapped for ETH and transferred to a new wallet.”
Support the originator by clicking the read the rest link below.