Crypto News

Tron CEO Justin Sun Proposes 5% Bounty for Poloniex Hacked Funds

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Justin Sun Sets 5% Reward for Stolen Poloniex Funds Retrieval

Justin Sun, the new owner of the crypto platform Poloniex, recently faced a tough situation. The platform got hacked, and the attackers took over $126 million worth of assets. This led to Justin pleading for the return of these stolen funds through a post on Twitter.

He even went further to offer a 5% reward to the hackers as an incentive to give back the assets they took. He asked the hackers to return the stolen money within a week or face legal action.

The CEO of another big platform, Binance, also got involved. He wanted a quick solution to the issue and offered help if any of the stolen assets found their way to Binance.

The situation worsened when the estimated losses increased from $100 million to $126 million. Reports suggested that the security breach happened in a wallet called Poloniex 4. The attackers moved over $126 million in crypto across 357 transactions.

Additionally, it was noted that the hackers used the stolen funds to buy a lot of TRX, a type of digital token connected to the Tron blockchain. In just 40 minutes, they spent around $22 million on TRX using the hacked funds.

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