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NullMeridianLog

10 Nov 2023

Poloniex: November 2023 Hot-Wallet Incident; Full Reimbursement Pledged

Poloniex: around 10 Nov 2023 a hot-wallet incident drained exchange wallets. Justin Sun said Poloniex was financially healthy and would fully reimburse; some stolen assets were reported frozen.

  • Event date
  • Incident typeExchange hot-wallet incident
  • Bug classNot yet published
  • Published

Loss, as sourced

Poloniex's announcement confirms the incident and recovery steps. Secondary estimates ranged above $100M to ~$126M; those figures are not adopted here without Poloniex stating them.

Traceability

Primary sources

  1. 01poloniex.comPoloniex announcement (opens in a new tab)

In brief

Root cause: Not detailed in the announcement summary available. Hot-wallet compromise reported.

Timeline, as sourced: Per contemporaneous Poloniex/Sun statements: ~10 Nov incident; gradual restore of deposits/withdrawals; reimbursement pledged.

Account, as sourced

Claimed (Poloniex/Sun): healthy financial position; full reimbursement; some stolen assets frozen.

Unknown: Poloniex's own published loss total.

Summaries of public sources as of the published date; except where marked (on-chain), not independently verified by NullMeridian. Figures are the sources’ own and are attributed; where sources disagree, each is given. Sources may since have changed. Not legal, financial or investment advice.

Permalinkhttps://andromeda.observer/e/poloniex-hot-wallet-2023