Poloniex suffered a significant loss of $100 million in November last year due to an attack on one of its hot wallets. Cybercriminals often use mixing services like Tornado Cash to disguise the origin of stolen cryptocurrency, making it harder to track it down.

The attack on Poloniex is believed to be the work of the North Korean Lazarus Group, a notorious state-sponsored hacking organization known for carrying out high-profile attacks. This group was previously involved in a $600 million hack on the Ronin sidechain.

In an effort to recover the stolen funds, Poloniex offered the attacker a 5% reward (approximately $5 million) to return the remaining 95% of the funds.

Founded in 2014, Poloniex is a centralized exchange and was acquired by Tron founder Justin Sun in 2019.

In a separate incident involving Tornado Cash, an attacker who launched a $26 million attack on Kronos Research transferred 200 ETH to the mixer the same day. Kronos Research was also a victim of the attack in November, although it remains unclear whether there is a direct link between the two incidents.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Poloniex Hacker Trying to Launder Funds appeared first on Coin Engineer.

The hacker(s), who had not moved the ETH for a long time, sent the ETH to Tornado Cash in batches of 100. Experts believe that the Lazarus Group, which is linked to North Korea, is behind the attack and theft. The fact that the attackers have not responded to any of Poloniex’s reward offers so far further strengthens this possibility.

The Lazarus Group made a name for itself in 2022 with the Ronin Network attack, stealing $600 million worth of cryptocurrency.

The US banned Tornado Cash last year, citing its use in laundering funds from attacks to support North Korea’s nuclear weapons program. A Tornado Cash developer was also arrested in the Netherlands last year for this reason.

The cryptocurrency world argues that applications like Tornado Cash protect privacy, a human right, and should not be banned.

The US recently arrested the developers and founders of Samurai Wallet for similar reasons.

The post Hacker Launders 1100 ETH Through Tornado Cash appeared first on Coin Engineer.

You might like: Crypto Market Crashes. Bloody Monday!

In the past two months, other entities associated with Justin Sun, including HTX, cryptocurrency exchange Poloniex, and HTX Eco Chain (HECO) bridge, have been attacked a total of four times.

The first HTX attack occurred less than two weeks after the exchange rebranded to its new name. An unknown attacker stole about $8 million worth of cryptocurrency on September 24, 2023.

Crypto investors are withdrawing their assets from the cryptocurrency exchange formerly known as Huobi following the closure of the exchange’s services due to a security breach on November 22, which resulted in a total loss of $30 million.

According to DefiLlama data, despite HTX resuming its services between November 25 and December 10, a total of $258 million in net outflows occurred from the exchange during this period.

In the process, November 2023 was an extremely challenging month for cryptocurrency thefts, with hackers and malicious actors making off with a total of $363 million worth of digital assets.

Also, feel free to share your thoughts on the topic in the comments. Additionally, you can follow us on Telegram, YouTube, and Twitter for more real-time news and updates.

The post After HTX Hack Incident, Cash Outflows Intensified! appeared first on Coin Engineer.

The cryptocurrency exchange Poloniex decided to gradually reinstate deposit and withdrawal operations to prioritize the security of user funds after the 100 million dollar attack that occurred on November 10th.

On November 29th, Poloniex announced on Twitter that they will be gradually starting deposit and withdrawal services at 2:00 (UTC) on November 30th. The exchange will activate deposit and withdrawal operations, particularly in the first stage, and will make Bitcoin and other cryptocurrencies available in the next two weeks.

Poloniex also mentioned that it continued its work for new listings to be made available in the near future, and warned users that unless they follow these steps and use the updated deposit addresses, funds will not be transferred to their accounts. The exchange apologized for any possible inconvenience in this regard and expressed its appreciation for the understanding of its users.

In the same announcement, Poloniex, stated that there is an airdrop plan for users who have assets on the platform. The airdrop campaign developed in collaboration with HTX DAO is planned to start in December and the calculation of asset balances is planned to take place on December 1st. Tron’’s founder Justin Sun, had announced the airdrop plan earlier on November 24th.

Click here to follow us on Google News as well.

The post Poloniex Decides to Restart Deposit and Withdrawal Operations appeared first on Coin Engineer.