Poloniex hot wallet hacked with losses reportedly over $33m

Poloniex investor Justin Sun has confirmed the attack, saying the exchange “will fully reimburse the affected funds.”

Crypto exchange Poloniex appears to be the latest trading platform to suffer a hack, resulting in a loss of more than $33 million worth of crypto.

According to analysts at PeckShield, the hackers drained millions of dollars from one of the exchange’s hot wallet. Research analyst at 21co Tom Wan said in an X post that currently estimated loss is at $34 million.

Poloniex investor Justin Sun has confirmed the incident, but did not elaborate on the matter. He reassured customers that the exchange “maintains a healthy financial position and will fully reimburse the affected funds.”

The OPNX crypto exchange said in an X post it had frozen all the OX tokens stolen from Poloniex (197.7 million OX, which represents over 5% of the token’s total supply).

Poloniex’s official X account said that one of its wallets “has been disabled for maintenance,” without revealing details on the matter.

An X user @Overdose_AI noticed that the hackers seemingly have already lost around $2.5 million by mistakenly sending GLM tokens to a smart contract address instead of a personal wallet.

Analysts at Lookonchain claim the hackers are also trying to launder the stolen funds on Ethereum for ETH and TRON for TRX.

This is not the first time Poloniex suffers a hacker attack. Back in 2014, the exchange lost more than 12% of its Bitcoin (BTC) reserves due to a vulnerability in its code base.