medium_post

image_placeholder

post-thumbnail

thumbnail

medium

medium_large

large

1536x1536

What is Pepe Coin (PEPE) and why Ethereum Jumps to $2K

post-thumbnail_old_88x88

post-image

post-image-thumb

Cryptocurrency 101: A Beginner’s Guide to Understanding Cryptocurrencies, and Their Advantages

Trends and Performance of Major Cryptocurrencies


<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Poloniex, a prominent centralized crypto exchange owned by Tron <a href="https://twitter.com/justinsuntron">founder Justin Sun</a>, has fallen victim to a major security hack. The incident has resulted in the loss of more than $60 million worth of crypto assets, leaving the exchange and its users reeling from the aftermath. Let&#8217;s take a closer look.</p>



<p>Read More: <a href="https://hodl.fm/top-10-crypto-frauds-of-2023-so-far">The Curtain Rises: Unveiling the Top 10 Crypto Frauds of 2023 (So Far)</a></p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Hi <a href="https://twitter.com/Poloniex?ref_src=twsrc%5Etfw">@Poloniex</a>, you may want to take a look:  <a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a> <a href="https://t.co/UobItZ9FpO">https://t.co/UobItZ9FpO</a></p>&mdash; PeckShield Inc. (@peckshield) <a href="https://twitter.com/peckshield/status/1722931275764474329?ref_src=twsrc%5Etfw">November 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Act 1. The Security Breach</h2>



<p>Poloniex&#8217;s security breach revolves around its wallet, <a href="https://etherscan.io/tokentxns?a=0x0a5984f86200415894821bfefc1c1de036dbf9e7&amp;ps=100&amp;p=4">referred to as Poloniex 4 on Etherscan</a>. The suspicious outflows from this wallet strongly indicate a significant compromise of funds. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Our wallet has been disabled for maintenance. We will update this thread once the wallet has been re-enabled.</p>&mdash; Poloniex Customer Support (@PoloSupport) <a href="https://twitter.com/PoloSupport/status/1722934043543752968?ref_src=twsrc%5Etfw">November 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>While the exact amount has yet to be confirmed by the exchange, initial analysis conducted by security firm PeckShield suggests that over $63 million in crypto assets were taken. The outflows are still ongoing, intensifying the urgency of the situation.</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="498" height="331" src="http://hodl.fm/wp-files/2023/11/4_ready-or-not-ready-or-not-here-i-come.gif" alt="" class="wp-image-5069"/></figure>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading">Act 2. Exchange Response</h2>



<p>In response to the incident, Poloniex promptly disabled the affected wallet, citing maintenance as the reason. The exchange has assured its users that it is actively working to resolve the issue and will provide updates on the situation. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.</p>&mdash; H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1722942733680296246?ref_src=twsrc%5Etfw">November 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Yet, in just an hour another tweet from Justin Sun has left many users concerned and anxious about the security of their funds.</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.<br>ETH Wallet: 0x176F3DAb24a159341c0509bB36B833E7fdd0a132 TRX:…</p>&mdash; H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1722951876986204259?ref_src=twsrc%5Etfw">November 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Poloniex&#8217;s History and Acquisition</h2>



<p>Poloniex has been operating as a centralized exchange since 2014, gaining popularity within the crypto community for its wide range of supported assets and trading features. In 2019, the exchange came under the ownership of Justin Sun, the founder of Tron. The acquisition was seen as a significant milestone for both Poloniex and Tron, aiming to leverage their respective strengths to further expand their presence in the crypto market.</p>



<figure class="wp-block-image size-large"><a href="https://hodl.fm/wp-files/2023/11/9_ATKA622TTNFJ5FYFPXF2LDY7QY.jpg"><img decoding="async" src="https://hodl.fm/wp-files/2023/11/9_ATKA622TTNFJ5FYFPXF2LDY7QY.jpg" alt=""/></a><figcaption class="wp-element-caption">Justin Sun at the Stage of Consensus 2019. Source: <a href="https://www.coindesk.com/markets/2019/11/12/despite-denials-tron-founder-confirms-investment-in-poloniex-crypto-exchange/">CoinDesk</a></figcaption></figure>



<h2 class="wp-block-heading">Final Thoughts </h2>



<p>The Poloniex security hack, resulting in the loss of over $60 million in crypto assets, serves as a stark reminder of the persistent vulnerabilities present in the crypto ecosystem. </p>



<p>Read More: </p>



<ul>
<li><a href="https://hodl.fm/bitcoin-bosses-fab-5-crypto-jungle/">Bitcoin Bosses: The Fab 5 Who Rule the Crypto Jungle!</a></li>



<li><a href="https://hodl.fm/atomic-wallet-explores-possible-reasons-of-security-incident/">Atomic Wallet Explores Possible Scenarios Leading to Recent Security Incident: Unveiling the Cryptic Causes</a></li>
</ul>



<p>While centralized exchanges boast convenience and liquidity, they&#8217;re a bit like a vault with a &#8216;push&#8217; sign; convenient, but not the safest. This incident reminds us that, in crypto, it&#8217;s not just about HODLing but also about proof security measures! Stay secure, hodlers!</p>



<p>Disclaimer:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em>HODL.FM</em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em>HODL.FM</em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>
