Poloniex Claims Hacker's Identity Confirmed, Offers $10 Million Bounty for Stolen Funds Return

Crypto exchange Poloniex has taken a bold step in dealing with the hacker responsible for pilfering over $100 million in digital assets from one of its wallets. In a message posted to the hacker, Poloniex declared that it had successfully identified the individual and is providing the perpetrator with an opportunity to return the assets. In return, the exchange is offering a substantial $10 million bounty.

A shared on-chain message, disclosed by blockchain security firm PeckShield on social media, showcased Poloniex’s message to the hacker. The exchange asserted that the hacker’s identity has been confirmed and underscored its collaboration with law enforcement agencies in the United States, Russia, and China.

Despite confirming the hacker’s identity, Poloniex has given the individual until November 25 to return the funds in exchange for the $10 million white hat reward. The exchange emphasized that the stolen funds have been marked and rendered unusable. However, if the hacker fails to comply, law enforcement agencies will take appropriate action.

While Poloniex’s announcement asserts the hacker’s identification, some within the crypto community remain skeptical. A community member questioned the need for involving police forces from three different countries and delivering the same message in 15 different languages if the hacker’s identity is already established.

The hacking incident transpired earlier in November when a crypto wallet associated with Poloniex experienced suspicious outflows. On November 10, blockchain security firms revealed that over $100 million had been drained from the exchange’s wallet. In response, Poloniex temporarily disabled the affected wallet for maintenance and offered a 5% bounty for the return of the funds.

After engaging the services of a security auditing firm to bolster its security measures, Poloniex resumed withdrawals on November 15. The unfolding situation raises questions within the crypto community about the effectiveness of these measures and the hacker’s willingness to cooperate despite the looming threat of law enforcement action.

By Urik

My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.

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