Poloniex was hacked (Security Breach Discussion) - page 3.

vv181

legendary

Activity: 1932

Merit: 1273

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

TRX and USDD have nothing to do with the hack, so it does not significantly get affected, even though the exchange owner is the developer of the token.

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Yes, due to the nature of their centralization process, they need regulation to force themselves to invest more in security. Besides hacks, transparency and accountability of the exchange funds are also worth considering, noting the FTX issues. But specifically about security, yes, since they handle users' money, they should take security as the main priority. Unfortunately, we are aware that many hacks happened both to DeFi and centralized exchange, but it shows they haven't made it into their top urgency.

Chibaba

newbie

Activity: 111

Merit: 0

Quote from: jrrsparkles on November 10, 2023, 10:39:29 AM

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

It's a new hack right? And they hacked in the past too but I don't think they ever recovered anything from the hackers and the same goes to this as well. I want to clarify that they are offering 5% of the total hacked funds to the one who hacked as a gesture in case hacker decides to return the hacked funds but it seems they are living in a different universe to think and offer such bounty.

I think the offer is fair enough if the hackers are willing to return the what's stolen. HTX proposed similar offer when they were hacked. Tho, they also proposed giving the hacker a job as 'security white hat adviser ' and the stolen assets were refunded.

I hope the hackers refunds the stolen assets this time around cos the amount involved is huge compared to that of HTX.

coin-investor

hero member

Activity: 2940

Merit: 593

Leading Crypto Sports Betting & Casino Platform

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Not the best time to happen but at least Poloniex assured its users that they will reimburse users that are affected, actually the 5% whitehat bug bounty is specifically for the hackers just to return the funds they are not looking for white hat hackers, if hackers is good in making that fund untraceable I don't think he will take a bite on that 5% but if he wants to keep it safe he might send back the funds and keep the 5% bug bounty.

Offering bug bounty exchanges just encourages hacking but what if hackers offer a deal of 15% or even higher will Poloniex take the deal, we will see in the coming days if hackers agree to take the 5% bounty and return the fund or challenge the authority to chase them and prosecute them.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).

This always happens to Justin Sun. His services get hacked, and he posts a "bounty" to try to convince the hackers to bring it back.

He's not seeing those coins again.

Sophokles

hero member

Activity: 1190

Merit: 516

Some projects lost even more money than this due to hacks and exploits. It is a well known exchange but not as big as binance or coinbase so i am not expecting a big impact on the overall market. But after so much positive news and mini altseason for the past few days a incedient like this can be a warning for those who think bull season has started.

Many think it will heavily impact Justin Sun and the tron network but as i can see he is the owner of lots of other projects in the tron ecosystem and tron is also one of the biggest networks in TVL. So it is just a matter of time for justin sun to recover from this loss. We need to see how quickly he can manage to relaunch the exchange again.

Jascrypt

jr. member

Activity: 87

Merit: 1

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

It was HTX last time and now another exchange has now been hit. I have always ask this question; tho, not on this platform, that " what are some exchanges doing right (Bitget, Kraken, MEXC and a few others) to stay free of these security exploit incidence? can't other exchanges collaborate with some of these exchanges to strengthen there security?

Despite the fact that I also feel collaboration and more investment in security could be the way forward, white hat bonus payment should also be discouraged cos it's one of the reasons hacking have become a tradition in this crypto space.

Bureau

sr. member

Activity: 448

Merit: 271

They are doing what some big Blockchain proposed to their hackers when hot hacked. This isn't new as this is still the simplest way to approach an hacker.

Considering if it was not an internal problem. I feel this can become a big issue if not taken care soon. One of the biggest reason why everyone uses Tron Blockchain is explained below.

1.Tron is fast and reliable.
2.Transaction fees are the lowest.
3. Stable transaction fee.

What do you think ?

cryptoaddictchie

legendary

Activity: 2100

Merit: 1321

Fully Regulated Crypto Casino

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Yes and more professional ones. This happened due to a low security network of Poloniex. Probably they need to have more security protocols and not only them but a lot of exchange like Binance Kucoin, which is targeted by hackers. Obviously this is not new but considering the news it will have a great impact on market situation.

bluebit25

sr. member

Activity: 1666

Merit: 292

Eloncoin.org - Mars, here we come!

Sources from Peckshield, Justin Sun's Poloniex exchange is suspected of being hacked. According to estimates, initial damages could exceed $114 million.

Justin Sun has confirmed that the Poloniex was hacked and that they are investigating. To reassure users, Sun said the exchange has quite good financial potential and will refund the entire amount to affected users. At the same time, Sun also mentioned cooperating with other organizations or exchanges to prevent the flow of money and reduce the loss rate as much as possible. Poloniex currently states that its wallet has been disabled for maintenance and will update the information once the wallet is reactivated.
https://twitter.com/justinsuntron/status/1722942733680296246

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

This is something we do not want to happen, but this problem will never stop, vulnerabilities are exploited and risks arise during use. But have no fear, as we are here to find what we hope it fulfills, this case will also be resolved and victims compensated for Poloniex's reputation. However, it is also a lesson for other users about managing their own assets.

jrrsparkles

sr. member

Activity: 2436

Merit: 272

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: ShinyStarPrincess on November 10, 2023, 10:13:49 AM

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

It's a new hack right? And they hacked in the past too but I don't think they ever recovered anything from the hackers and the same goes to this as well. I want to clarify that they are offering 5% of the total hacked funds to the one who hacked as a gesture in case hacker decides to return the hacked funds but it seems they are living in a different universe to think and offer such bounty.

ShinyStarPrincess

newbie

Activity: 70

Merit: 0

Well, guys, I guess a lot of you already know this. Poloniex, aka Justin Sun's own Exchange, suffered a hack of 60M+ USD, and they are offering a 5% Bounty (if there are any white hat hackers here or do you know an interested one, here is the official announcement https://x.com/Poloniex/status/1722956238160536049?s=20).
On the other hand, TRX and USDD do not seem to suffer any backlash from this news.

Topic Security Breach and Protection Layers. Do you think that Exchanges and DeFI need more development and investments here or is this just something we have to lay down our heads and deal with?

Topic: Poloniex was hacked (Security Breach Discussion) - page 3. (Read 338 times)