Wed, May 08, 2024 at 02:21

• 

  Joy

  • Hey Annie, have you heard about the recent update on the Poloniex crypto exchange hack that happened last November?🕵️‍♀️

  • 
• Annie

  • Oh, you mean the one where they lost $125 million?😮 What's the update?

  
• 

  Joy

  • Exactly!

  • So, after six months of silence, some of the stolen funds have been moved for the first time.

  • 

  • An account that received some of the stolen funds transferred $3.5 million to a crypto mixer called Tornado Cash.🌪️💰

  • 
• Annie

  • Crypto mixer?

  • What's that?🤔

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Joy

  • Good question!

  • A crypto mixer is like a big pot where people throw in their cryptocurrencies and get back the same amount but from different sources.

  • It's used to obscure the trail of money and make it harder to trace transactions.

  • In this case, it's being used to launder the stolen money.😈

• Annie

  • Oh, I see...

  • So, they're trying to hide their tracks then.

  • But didn't Justin Sun offer a reward for returning the stolen assets?🧐

  
• 

  Joy

  • Yes, he did!

  • Initially, he offered a 5% Whitehat reward which he later increased to $10 million.

  • But it seems like the hackers weren't interested in his offer.🤷‍♀️

• Annie

  • That's a lot of money to turn down!😲 So, who's behind this hack?

  
• 

  Joy

  • The Poloniex hack has been attributed to the North Korean hacker group Lazarus Group.

  • 

  • They're known for their high-profile attacks.

  • Because of this hack, Poloniex's trust score fell to 5 out of 10 points.😓

• Annie

  • That's really bad for Poloniex...😔 So, is there any chance of recovering the stolen funds?

  
• 

  Joy

  • Unfortunately, it looks like the chances are slim.

  • The hackers used privacy tools to hide the funds and it's almost impossible to trace them now.😞

• Annie

  • That's really disappointing...😢 So, how will this affect the market?

  • Is this bad news?

  
• 

  Joy

  • Well, it's definitely not good news.

  • It's a reminder of the risks involved in crypto investments.

  • But on the bright side, it also emphasizes the importance of security measures and might push for more robust security systems in the future.

  • So, yes, it's bad news but it could lead to positive changes in the long run.🤞

  • To sum up, this article is considered a 😱Bearish for investors!!