Poloniex Hot Wallets Hacked With $114M Seemingly Stolen: On-Chain Data
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Poloniex, one of the world's largest cryptocurrency exchanges, has been hacked, with over $114 million in cryptocurrency stolen, according to on-chain data.
The hack was first reported on November 8, 2023, when Poloniex users began noticing that their funds were missing. The exchange initially denied that it had been hacked, but later confirmed the incident on November 9.
On-chain data shows that the hackers withdrew the stolen funds from Poloniex's hot wallets in a series of transactions. Hot wallets are cryptocurrency wallets that are connected to the internet, making them more vulnerable to hacks.
Poloniex has not yet released any information about how the hackers were able to gain access to its hot wallets. However, the exchange has said that it is working with law enforcement to investigate the hack and recover the stolen funds.
This hack is a reminder of the importance of storing cryptocurrency in cold wallets. Cold wallets are cryptocurrency wallets that are not connected to the internet, making them much more secure than hot wallets.
If you have any cryptocurrency stored on Poloniex, we recommend that you withdraw it immediately and store it in a cold wallet.
Here are some additional tips for protecting your cryptocurrency:
- Use strong passwords and enable two-factor authentication on all of your cryptocurrency accounts.
- Only store cryptocurrency on exchanges that have a good reputation for security.
- Consider using a hardware wallet, which is a type of cold wallet that is very secure.
- Be careful about clicking on links in emails or messages from people you don't know.
- Be wary of phishing scams, where scammers try to trick you into revealing your personal information or login credentials.
By following these tips, you can help to protect your cryptocurrency from hackers.
