poloniex Archives - Times Tabloid https://timestabloid.com/tag/poloniex/ Cryptocurrency and Blockchain Tabs Sun, 12 Nov 2023 11:23:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png poloniex Archives - Times Tabloid https://timestabloid.com/tag/poloniex/ 32 32 Poloniex Loses 577 Billion SHIB To Security Breach https://timestabloid.com/poloniex-loses-577-billion-shib-to-security-breach/ Sun, 12 Nov 2023 11:23:15 +0000 https://timestabloid.com/?p=24297 In a shocking incident that has sent shockwaves through the cryptocurrency community, Poloniex, one of the leading cryptocurrency exchanges, has fallen victim to a major security breach. The audacious cybercriminals behind the attack managed to make off with a jaw-dropping $114 million worth of various cryptocurrencies, dealing a severe blow to the exchange and its […]

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]]> In a shocking incident that has sent shockwaves through the cryptocurrency community, Poloniex, one of the leading cryptocurrency exchanges, has fallen victim to a major security breach.

The audacious cybercriminals behind the attack managed to make off with a jaw-dropping $114 million worth of various cryptocurrencies, dealing a severe blow to the exchange and its users. Among the stolen assets are a staggering 577 billion SHIB, 32.7 million USDT, 443 Bitcoin, and 6,103 ETH.

Read Also: Hackers Infiltrate Poly Network, Mints Over 999 Trillion Shiba Inu (SHIB) Tokens: Details

Swift Conversion Raises Concerns

The swift conversion of the stolen tokens into ETH has raised concerns about the extent of the attackers’ knowledge and expertise. Their ability to quickly swap the pilfered tokens suggests a deep understanding of the exchange’s intricate systems or the existence of a critical vulnerability within Poloniex’s security infrastructure.

Justin Sun Offers Bounty for Return of Funds

Justin Sun, the CEO of Poloniex, who is also the founder of Tron (TRX), has publicly announced a 5% bounty to the cybercriminals, urging them to return the stolen funds. This unprecedented gesture highlights the seriousness of the situation and the determination of Poloniex to recover the assets.

Sun has given the attackers a seven-day window to accept the offer, after which he plans to collaborate with law enforcement agencies to bring them to justice.

The Poloniex security breach serves as a stark reminder of the inherent risks associated with centralized cryptocurrency exchanges.

While these exchanges offer convenience and liquidity, they also present a single point of failure. If malicious actors manage to breach the security systems of a centralized exchange, the potential for substantial financial losses is significant.

Crypto users are urged to take proactive measures to protect their assets in light of this incident.

One approach is to explore decentralized exchanges (DEXes), which operate on a peer-to-peer basis, eliminating the need for users to deposit their funds into a centralized custodial wallet.

By decentralizing the exchange process, DEXes mitigate the risks associated with potential security breaches.

Read Also: Shiba Inu Team Announces Shibarium Hackathon with $5,000 Grand Prize. Here’s How to Qualify

Another crucial security measure is the use of hardware wallets, physical devices designed to store cryptocurrencies offline. By keeping digital assets offline and out of the reach of hackers, hardware wallets provide an additional layer of protection that is highly resilient against hacking attempts.

The Poloniex security breach serves as a resounding wake-up call for the entire crypto industry. It underscores the need for robust security practices and heightened awareness of the risks involved in centralized exchanges.

Crypto users must remain vigilant and take proactive steps to safeguard their assets by embracing decentralized exchanges and leveraging the added security provided by hardware wallets.

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]]> XRP Price Crashes to Zero on Poloniex Exchange. What happened? Details https://timestabloid.com/xrp-price-crashes-to-zero-on-poloniex-exchange-what-happened-details/ Tue, 11 Jul 2023 10:41:23 +0000 https://timestabloid.com/?p=17673 As a report has it, the value of XRP, the 6th largest cryptocurrency by market cap, against USD suddenly saw a sharp descent to zero on Poloniex exchange a couple of hours ago, raising concerns within the crypto community, especially among XRP enthusiasts. The strange incident happened on the 10th of July and it has […]

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]]> As a report has it, the value of XRP, the 6th largest cryptocurrency by market cap, against USD suddenly saw a sharp descent to zero on Poloniex exchange a couple of hours ago, raising concerns within the crypto community, especially among XRP enthusiasts.

The strange incident happened on the 10th of July and it has been attributed to an unusual malfunction on the Poloniex exchange.

Read Also: Poloniex Deletes 85,566 XRP Wallets, Opens New Wallet With 1.5 Million XRP Recovered: Details

Going by the XRP/USD weekly chart recently shared on Twitter by the closely followed analyst Egrag Crypto, XRP price dropped from its trading level to $0. Howbeit, the crypto asset swiftly returned to its expected price level.

As expected, the occurrence generated reactions within the crypto community. As some termed it as an ordinary glitch that usually happens, others described it as an unfortunate incident that should have been prevented.

It’s a thing of surprise that the price trend glitch only affected XRP against the USD trading pair on the Poloniex exchange. A proper check revealed that the price of XRP was unaffected on other top exchanges.

Read Also: As XRP Burn Rate Doubles Over 30 Days, Analyst Says $100 XRP Price Is Certain

Not the First Occurrence

In April 2023, a similar occurrence was witnessed by the XRP enthusiasts for the XRP/USDT perpetual futures pair on Bitrue, an XRP-focused crypto exchange based in Singapore. At the time, XRP dipped to $0.0001, which resulted in the liquidation of all long positions.

Despite the crash of the XRP/USD pair on Poloniex, XRP trades above $0.45 on other pairs on the same exchange recorded huge traded volumes.

At the time of press, XRP is trading at $0.474, with a relatively 1% price increase based on 24-hour estimation.

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]]> Lead Ripple Developer Explains Reason For the Surge in XRP Burn, As Over 247,000 Tokens Destroyed https://timestabloid.com/lead-ripple-developer-explains-the-surge-in-xrp-burn-as-over-247000-tokens-destroyed/ Thu, 06 Jul 2023 07:31:41 +0000 https://timestabloid.com/?p=17424 The recent discovery made by the Twitter account 24HRSCRYPTO shows that XRP’s total supply has noticeably decreased in the last month. Around 247,016 XRP tokens have been permanently burned and taken out of circulation during this period, averaging about 8,233 tokens per day. Neil Hartner, a senior software engineer at Ripple, took to Twitter to […]

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]]> The recent discovery made by the Twitter account 24HRSCRYPTO shows that XRP’s total supply has noticeably decreased in the last month. Around 247,016 XRP tokens have been permanently burned and taken out of circulation during this period, averaging about 8,233 tokens per day.

Neil Hartner, a senior software engineer at Ripple, took to Twitter to explain the reason behind this unexpected spike in XRP burn. He clarified that the reduction in supply was a result of account deletions on the XRP Ledger network. Each deletion led to the burning of two XRP tokens.

Read Also: Ripple CTO Responds to Allegations that Ripple Paid Six Exchanges $1M – $5M to List XRP

Hartner revealed that these account deletions primarily focused on old accounts that previously held a balance of 20 XRP, which used to be the required reserve amount.

One event that contributed to this phenomenon was the actions taken by Poloniex in June 2023. The popular cryptocurrency exchange deleted a remarkable 85,566 outdated XRPL accounts, resulting in the burning of 171,132 XRP tokens.

However, according to the Ripple engineer, this process has now been completed, suggesting that the account deletions are unlikely to continue on a similar scale in the near future.

Impact and Potential Implications

The significant decrease in XRP’s total supply due to the recent burn spike has raised questions about its impact on the token’s value and potential implications for the network. While it is difficult to predict the exact consequences, this event may have effects on the XRP ecosystem.

The significant decrease in the XRP total supply due to the recent burn has raised questions about its impact on the broader ecosystem. While it’s too early to determine the precise consequences, this event has sparked discussions among XRP enthusiasts.

Read Also: Community Calls Coinbase to Relist XRP as Ripple CTO and General Counsel React to Major Development

Some believe that the decreased supply could potentially create scarcity, leading to increased demand and a positive impact on the token’s value. On the other hand, skeptics argue that such a reduction might not significantly affect the market dynamics, suggesting that other factors like adoption and regulatory developments play a more significant role.

As the XRP community analyzes the implications of this supply reduction, market observers will closely watch for any notable shifts in trading patterns, investor sentiment, and overall market behavior in the coming weeks.

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]]> Poloniex Deletes 85,566 XRP Wallets, Opens New Wallet With 1.5 Million XRP Recovered: Details https://timestabloid.com/poloniex-deletes-85566-xrp-wallets-opens-new-wallet-with-1-5-million-xrp-recovered-details/ Mon, 19 Jun 2023 23:42:47 +0000 https://timestabloid.com/?p=16824 Poloniex has launched a mass account cancellation campaign focused on XRP wallets, deleting over 85,000 XRP Ledger addresses in just four days. Following the strange account deletion, the exchange built a new wallet to manage the recovered tokens. The move generated questions among affected XRP community members, including prominent YouTuber Eri, over Poloniex’s legal standing […]

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]]> Poloniex has launched a mass account cancellation campaign focused on XRP wallets, deleting over 85,000 XRP Ledger addresses in just four days.

Following the strange account deletion, the exchange built a new wallet to manage the recovered tokens. The move generated questions among affected XRP community members, including prominent YouTuber Eri, over Poloniex’s legal standing to take this action.

Read Also: Based on XRP’s Fair Market Value, Report Says Holding 1,000 XRP Could Make You $3.5 Million. Here’s how

The XRP reserve deposit scheme, as well as the antiquated practice of generating new addresses for each deposit transaction, are at the heart of the problem. Even though the destination tag technique eliminated the need for it, Poloniex continued to use the previous model.

The XRP community’s complaint of Poloniex charging a 20 XRP fee for each wallet established prompted Ripple CTO, David Schwartz, to write to the exchange on many occasions requesting that it switch to the destination tag format. Poloniex, on the other hand, has remained silent.

Since introducing the destination tag scheme, Poloniex has begun removing previously generated addresses, necessitating the burning of 2 XRP with each account cancellation.

According to Thomas Silkjaer, Head of Analytics and Compliance at the XRPL Foundation, the account deletion and recovery process took four days, costing Poloniex 1.55 million XRP and resulting in the greatest burn on the XRP Ledger. Concerns have been raised about whether Poloniex will refund consumers who paid the account creation cost for the wallets.

Read Also: Uphold Seals New Partnership to Make XRP Purchase with Fiat Seamless: Details

No Official Statement Yet

While Poloniex has stated that the move was required owing to outmoded practices, the impact on the affected people of the community has yet to be addressed.

Poloniex has not made any official remarks on whether it intends to reimburse the XRP tokens to its customers, leaving affected users in the dark. The incident emphasizes the importance of cryptocurrency exchanges communicating explicitly with their consumers, particularly when taking big measures that affect their customers’ financial holdings.

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]]> Poloniex Exchange Announces Listing Date for Terra Tokens, LUNA and LUNC https://timestabloid.com/poloniex-exchange-announces-listing-date-for-terra-tokens-luna-and-lunc/ Tue, 16 Aug 2022 12:11:13 +0000 https://timestabloid.com/?p=8802 Despite the controversies surrounding the Terra ecosystem founded by Do Kwon and TerraForm Labs, this top crypto exchange, Poloniex, is gearing up to onboard Terra (LUNA) and Terra Classic (LUNC) for customers to commence trading activities. According to Tuesday’s announcement, Poloniex, the legendary cryptocurrency exchange, disclosed that it will list both the collapsed Terra Classic […]

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]]> Despite the controversies surrounding the Terra ecosystem founded by Do Kwon and TerraForm Labs, this top crypto exchange, Poloniex, is gearing up to onboard Terra (LUNA) and Terra Classic (LUNC) for customers to commence trading activities.

According to Tuesday’s announcement, Poloniex, the legendary cryptocurrency exchange, disclosed that it will list both the collapsed Terra Classic token (LUNC) and the newly created Terra token (LUNA), on its trading platform for users. 

As revealed in the update, LUNA and LUNC trading will be enabled on the Poloniex exchange on August 17, 2022. Then, users can also deposit, withdraw, buy and/or sell both Terra-related tokens using the marketplace. 

The available trading pairs will be LUNA/USDT, LUNA/USDD, LUNC/USDT, and LUNC/USDD. The exchange has not revealed whether more pairs will be introduced for these new listings. 

Related: Do Kwon Breaks His Silence, Says He Lost His Big Bet on Terra (LUNA) and UST

Part of the announcement read;

“We’re excited to welcome Terra (LUNA) and Terra Luna Classic (LUNC) to Poloniex.”

“Launching soon, the wallets will be open on August 17, 2022, at 04:00 AM UTC and you can begin depositing LUNA, LUNC into your Poloniex account. Full trading for LUNA, LUNC with USDT and USDD pairs: LUNA/USDT, LUNA/USDD, and LUNC/USDT, LUNC/USDD will be enabled on August 17, 2022, at 06:00 AM UTC, “ it added.

Following the collapse of Do Kwon’s Terra ecosystem tokens LUNC and TerraUSD (UST) in May, several top exchanges like Binance delisted the old native token of the Terra chain, LUNC (formerly called Luna). A new blockchain was later launched, which gave birth to a new token known as LUNA.

Back then, both Terra Classic (LUNC) and TerraUSD (UST), the ecosystem’s stablecoin, declined over 90% in price to fractions of a cent in less than 72 hours. As revealed in a recent interview, the inventor of Terra blockchain, Do Kwon, has expressed disappointment in the downfall of his algorithmic stablecoin project, TerraUSD (UST).

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