In a recent development regarding the $100 million hack of the cryptocurrency exchange platform Poloniex, significant progress has been made in tracking down the stolen funds. The blockchain security and analytics company PeckShield announced these developments in a recent post, revealing that the hacker responsible for the theft has been identified. Additionally, authorities from China, the United States, and Russia have been actively involved in the investigation. All the stolen funds have been marked for tracking, rendering them unusable for the time being.

Poloniex hacker’s identity confirmed

According to the post by PeckShield, the identity of the hacker behind the Poloniex hack has been confirmed, marking a crucial breakthrough in the ongoing investigation. This confirmation opens up avenues for law enforcement agencies to take further action against the responsible party.

The involvement of police forces from China, the United States, and Russia highlights the seriousness of the situation and the determination to bring the hacker to justice. With all stolen funds meticulously tracked and flagged, the hacker now faces a significant ultimatum.

In a bid to resolve the situation amicably, a $10 million white hat reward has been offered to the hacker on the condition that they return the stolen funds by November 25, 2023. This reward represents a unique opportunity for the hacker to avoid legal repercussions while simultaneously making amends for their actions.

Poloniex’s $100 million loss

Poloniex experienced a major security breach on November 10, 2023, resulting in the theft of $100 million from the exchange platform. The breach was promptly detected by the Poloniex team, who took immediate action by disabling the affected wallet. Security experts at CertiK suggested that the hack likely occurred due to a “private key compromise.”

PeckShield was instrumental in uncovering the suspicious transfers that ultimately exposed the hacker’s identity. These transfers involved a series of transactions from the “Poloniex 4” wallet to the hacker’s wallet, encompassing a range of cryptocurrencies including Ethereum (ETH), Tron (TRX), Tether (USDT), TrueUSD (TUSD), Pepe (PEPE), FLOKI, and Shiba Inu (SHIB).

The hacker now faces a critical decision. With the deadline of November 25, 2023, looming, they have the opportunity to return the stolen funds and claim the $10 million white hat reward. This ultimatum provides a chance for the hacker to rectify their actions and avoid legal consequences.