Justin Sun’s cryptocurrency venture loses over $100m in recent hack

In a Nov. 22 post from the cybersecurity firm Cyvers Alerts, it was reported that a suspicious address received $12.4 million from HTX exchange.

At the same time, another address accumulated approximately $85 million from HECO Chain bridge, both linked to Justin Sun’s business ventures.

Taken together, the alert suggests that Justin Sun’s Poloniex, a prominent cryptocurrency exchange, is now facing the results of a loss of more than $100 million in various cryptocurrencies.

🚨Code Red!🚨 (Ongoing)Our AI powered system has detected multiple suspicious transactions from @HECO_Chain bridge

Suspicious address has received around $85M. Suspicious address: https://t.co/JlMClIM7hg

First transaction is 10,145 $ETH from @HECO_Chain bridge to suspicious… pic.twitter.com/IwpqXvhCsU

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) November 22, 2023

Additional data from Arkham Intelligence highlights that HECO Chain Bridge transferred a large number of Tokens to the empty address 0xFc146D1CaF6Ba1d1cE6dcB5b35dcBF895f50B0C4, including 42.11 million USDT, 10,000 ETH, 489 BTC and other assets exceeding US$84 million.

USDT and BTC were transferred to DEX, such as Uniswap and 1inch, and converted to ETH and sent to new addresses, in what is the fourth recent theft of Justin Sun projects.

Just under two weeks earlier, the cryptocurrency exchange Poloniex suffered another attack on its hot wallets, which resulted in the loss of over $120 million in crypto assets across the Bitcoin, Ethereum and Tron networks.

In response, Justin Sun took to Etherscan with the announcement of a white hat reward in the amount of $10 million for the return of the stolen funds.

Unfortunately, being that is just one in a string of events, many investors are now being urged to proceed with caution for the ongoing code red.