XRP Forensics has reported a significant security breach at the cryptocurrency exchange Poloniex, leading to the theft of 3.1 million XRP. Various other cryptocurrencies have also been stolen from the exchange's hot wallet.

The extent of the heist

Beosin Alert, a cybersecurity firm specializing in cryptocurrency transactions, revealed that the hackers drained approximately $114 million worth of diverse cryptocurrencies. 

This includes over 32 million USDT (Tether), around 284 ETH (Ethereum), and 86.5 WBTC (Wrapped Bitcoin), along with 35 different types of tokens on the Tron blockchain. 

Cybersecurity firms are currently busy tracking the flow of these stolen funds, a crucial step for the ongoing investigation and potential recovery of these assets.

Poloniex's response 

Poloniex has quickly responded to the breach, assuring its clientele of the exchange's strong financial standing. 

Owner Justin Sun confirmed that the exchange would fully reimburse the affected funds. Through a series of posts on the X social media, Poloniex affirmed its commitment to its users, announcing a 5% white hat bounty for the hacker in exchange for the return of the stolen assets.

The exchange has given a seven-day ultimatum for the hacker's response to this offer before proceeding to involve law enforcement. 

Moreover, Poloniex is exploring collaborations with other exchanges and partners to aid in the recovery of the funds.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].