Poloniex confirms hackers identity offers 10M white hat reward to return stolen funds

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visit our terms pageppThe global crypto market cap is 16 trillion with a 24hour volume of 6739 billion The price of Bitcoin is 4275130 and BTC market dominance is 522 The price of Ethereum is 224810 and ETH market dominance is 169 The best performing cryptoasset sector is Gambling which gained 17ppJustin Sun sent blockchain messages on the Ethereum network to the hackers addresses and warned them to return the stolen funds for a reward or face legal action in multiple countriesppCover artillustration via CryptoSlate Image includes combined content which may include AIgenerated contentppPoloniex has officially identified the hacker responsible for stealing 120 million from the exchange on Nov 10 and offered a 10 million white reward if the funds are returned by Nov 25 according to onchain data shared by blockchain security firm PeckShieldppJustin Sun Poloniexs majority shareholder sent blockchain messages on the Ethereum network to addresses involved in the hack Suns wallets initiated sixteen transactions each worth 010 in Ethereum containing the same message in multiple languagesppThe purpose of the transaction barrage was to inform the hacker that Poloniex had successfully confirmed their identity and to offer a white hat reward of 10 millionppAccording to the onchain message Poloniex has engaged law enforcement agencies from China Russia and the US to take legal action against the hacker if the funds are not returnedppThe message stated that all stolen funds had been identified and marked for tracking rendering them unusable Furthermore it warned that any financial counterparties receiving these assets would face freezing of their accountsppThe company set a deadline of Nov 25 for the attacker to return the funds voluntarilyppAccording to the messageppIf not returned by that time police forces from multiple countries will take actionppPoloniex initially offered a white hat bounty of 5 of the stolen funds to incentivize cooperation As the sevenday deadline approached without compliance the reward has now been increased to a staggering 10 millionppThe Poloniex hack occurred on Nov 10 through a compromise of the exchanges hot wallet resulting in the loss of 120 million in various cryptocurrencies including Ethereum ETH Tron TRX and Bitcoin BTCppNotably Ethereum Tron and Bitcoin accounted for 80 of the stolen assets while additional losses included 31 million XRP and 577 billion Shiba Inu SHIBppAt the time Poloniex assured affected users that it would cover the losses and temporarily halted withdrawals to investigate the hack and improve security measures The exchange recently announced plans to resume deposits and withdrawals in the coming weekppSuns initial offer of a 5 bounty on the stolen funds made on the day of the attack received no response from the attackers With the increased 10 million reward and law enforcement involvement Poloniex is taking a formidable stance against the largest black hat hacks of the yearppAJ a passionate journalist since Yemens 2011 Arab Spring has honed his skills worldwide for over a decade Specializing in financial journalism he now focuses on crypto reportingppCryptoSlate is a comprehensive and contextualized source for crypto news insights and data Focusing on Bitcoin macro DeFi and AIppDisclaimer Our writers opinions are solely their own and do not reflect the opinion of CryptoSlate None of the information you read on CryptoSlate should be taken as investment advice nor does CryptoSlate endorse any project that may be mentioned or linked to in this article Buying and trading cryptocurrencies should be considered a highrisk activity Please do your own due diligence before taking any action related to content within this article Finally CryptoSlate takes no responsibility should you lose money trading cryptocurrenciesppBitgets rise as a leading crypto exchange with cuttingedge features and strong dedication to transparency and securityppPoloniex is a USbased cryptocurrency exchange 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