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Poloniex Hacker Transfers Stolen BTC to New Addresses
Popular blockchain investigator PeckShieldAlert recently reported a significant movement of funds by the notorious Poloniex hacker. The hacker transferred 501 BTC, valued at approximately $32 million, to three new wallet addresses in an apparent effort to conceal the origin of the stolen funds.
Details of the Transfer
- 486.62 BTC, worth around $30.8 million, was sent to a single address.
- 10 BTC, valued at approximately $623,000, and 5 BTC, worth about $316,000, were also moved to new addresses.
Background of the Incident
The transfer stems from a hot-wallet hack on the Poloniex exchange that occurred on November 10, resulting in a loss of over $33 million. PeckShieldAlert initially reported the hack, leading to further insights from on-chain analysts.
Efforts to Recover Stolen Funds
Despite efforts by Poloniex to recover the stolen funds, including offering a white hat bounty of $10 million, the hacker remains at large. The recent BTC transfer raises concerns about potential liquidation of the funds in the future.
Crypto Industry Losses in 2024 Q1
According to a report by blockchain security firm Immunefi, the cryptocurrency industry experienced significant losses in the first quarter of 2024 due to hacks and fraudulent activities.
Key Findings
- Over $200 million was lost to 32 hacks and rug pull incidents from January to February 2024.
- There was a 23% decline in losses associated with hacking and scams in Q1 2024 compared to the same period in 2023.
- Total losses in Q1 2024 amounted to approximately $336.3 million, down from $437.5 million in Q1 2023.
Impact on DeFi Platforms
Decentralized finance (DeFi) platforms, with nearly $100 billion locked in Web3 protocols, were the primary targets of exploits in Q1 2024, highlighting the need for enhanced security measures in the industry.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
