In the aftermath of the recent Poloniex exchange hack, Justin Sun, a prominent investor in the platform, has taken a bold step to address the hacker directly. In an on-chain message, Sun declared that he knows the identity of the exploiter and has informed authorities from China, the United States, and Russia about the incident. Notably, he extended an offer of a $10 million whitehat bounty to the hacker as an incentive to return the stolen $110 million funds.
The hack, which occurred on November 10, dealt a severe blow to Poloniex as hackers managed to siphon approximately $110 million in cryptocurrencies and Non-Fungible Tokens (NFTs). The exchange promptly confirmed the exploit, leading to a heightened state of concern within the crypto community.
On November 18, Justin Sun, known for his role as a major investor in Poloniex, addressed the hacker directly through an on-chain message. In his communication, Sun asserted that the hacker’s identity had been confirmed, and law enforcement agencies in China, the USA, and Russia had been alerted to the situation. Moreover, he emphasized that all stolen funds have been marked for tracking, rendering them unusable, and financial counterparties involved will be frozen.
Sun’s message carried a deadline, stating, “Return by November 25, 2023, and we will offer a $10 million white hat reward.” However, he warned that if the funds are not returned by the specified date, police forces from multiple countries will take action.
While the identity of the hacker remains unconfirmed, there are reports suggesting the involvement of North Korean hackers, particularly the Lazarus Group. This adds a layer of complexity to the recovery efforts, as geopolitical considerations come into play.
Despite the security breach and the ongoing efforts to recover the stolen funds, the TRON (TRX) cryptocurrency, associated with Justin Sun’s TRON Foundation, has shown resilience. TRX has maintained a relatively steady price, retracing only 5% since the Poloniex incident. Currently trading at approximately $0.102, TRX experienced a notable 50% rally between August 18 and November 13, showcasing investor confidence despite the challenges faced by Poloniex.
As the crypto community watches the developments closely, Justin Sun’s proactive approach and the sizable bounty offered underscore the gravity of the situation and the collective efforts to mitigate the impact of the hack on Poloniex and its investors.
