Poloniex was hacked (Security Breach Discussion)

[ShinyStarPrincess]

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?

[jrrsparkles]

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.

[bluebit25]

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

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.

[cryptoaddictchie]

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.

[Bureau]

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 ?

[Jascrypt]

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.

[Sophokles]

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.

[NotATether]

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.

[coin-investor]

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.

[Chibaba]

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.

[vv181]

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.

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.

[yazher]

The hackers obviously will have a hard time liquidating those coins but I don't think they just gonna let the opportunity slide and take that 5% reward from Poloniex rather they wait for the right time to totally steal those coins. This is not good news for the crypto community since bitcoin price is slightly increasing these days and I doubt it will gonna continue because of this hacking incident once again. Exchanges should really quit if they cannot secure their platforms because they just compromise their users every time they get hacked and lose the funds of their users.

[ryzaadit]

We all know, that comparing Poloniex with other exchange have better security.

But still, there is some chance of getting hacked, because hackers cannot attack the network what they can do is attack the platform especially (exchange). IMO, better educated our self (Never trust anything, even the platform offering you with high security).

Never hold on exchange.

[ShinyStarPrincess]

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.

Yes, a new hack and thanks for the clarification of the Bounty

[jrrsparkles]

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.

It happens rarely and if people who hack money has good intentions then they will not really target a private so I don't think the user who hacked money will be tempted by offer but the exchange can be more generous and offer a work contract too so that they can convince the users that they assept their security flaw and willing to rectify it no matter what.

[ShinyStarPrincess]

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.

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.

I agree about the tokens explanation, but we also know that people might fud because "oh Poloniex is from Justin Sun and TRX was created by him it might collapse like FTX" You know shit like that

In terms of security, it worries me the lack of White Ethical Hacking departments that the projects Have, Exchanges and DeFI mostly. I mean I have some contacts in some CEX and I search often on CryptoJobList and Ethical hackers are not searched. A good example is a fellow Argentinean who found a massive breach on Curve and he retrieved the money back (Thankfully). The reserves Aspect is another important aspect, If I want to invest heavily in a CEX I look at how much is on BTC and Stablecoins (I know stable coins are not a guarantee of safeness or transparency but in a crash they are not that critically affected.... if the project or team behind it is honest)

[o48o]

It happens rarely and if people who hack money has good intentions then they will not really target a private so I don't think the user who hacked money will be tempted by offer but the exchange can be more generous and offer a work contract too so that they can convince the users that they assept their security flaw and willing to rectify it no matter what.

I don't know, money from huge heists is hard to launder, and $3M risk free money must sound appealing. But i don't understand why anyone would believe it's not a trap.
That contract wouldn't be binded by law, and paper contract like that would be laughed out from any court if the criminal decides to take it.

Why would they give hacker anything after that? They would take the money and try to hand the hacker to police.

[Bitstar_coin]

Seems like some exchanges just waiting a security breach before they step up with high level of security to protect investors funds. Anyways, Justin already said all affected users will be fully refunded so kp worries. However, it is still a thing of concern when an exchange which is supposed to have the highest level of security is easily breached and funds get stolen.

[Husires]

Why are these platforms easily hacked? 500 million is not a small amount that one hacker may be able to collect, even if he gets 5%, it is enough to live well in many countries of the world. I wonder how such platforms can not have an advanced security team.

1.Tron is fast and reliable.
2.Transaction fees are the lowest.

Tron's transaction fees are not the cheapest and are increasing day by day. I paid about $20 to complete the last 20 transactions, with an average of $1 per transaction. These fees are enough to conduct 10,000 transactions on the MATIC network.

[Wiwo]

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 ?

I kind of wonder how this relates to tron blockchain in any way and why you just included this in you reply on this discussions knowing fully well that the topic is about Poloniex exchange and not some blockchian related thread so I kind of get confused,  and to make matter worst,  you did not mention anything like self custody as one of the feature of from blockcain,  in the sense that users of any tron based exchange can hold custody of their coins and this prevent them form getting stolen by hackers at some point and so also we have to look at what make this features so unique and an additions to the many security problems that we may have with some of the exchanges or other platforms that act as third parties custodians.

Although most of the exchanges already have what they call safu, which is a refund insurance against such hacks and other security incidents that may happen in the exchange,  the team will make a 100% refund but then there is still a need to improve.