After the highs comes the lows, and so we ride on the waves of crypto. Just after yesterday bullish ran of some top coins and today a popular crypto exchange Poloniex was hacked and funds up to the tune of $60 million was withdrawn from the exchange.

Justin Sun is a Chinese-born Grenadian cryptocurrency entrepreneur and also a business executive. He is the founder of TRON, a blockchain DAO ecosystem and the founder of Poloniex exchange.

He confirmed the hack on a post on Twitter but didn't disclose the amount of money lost the in the hack.

He however assured everyone that the exchange maintains a healthy financial position and will reimburse customers funds but they have disabled withdrawal from wallets for maintenance purposes.

Before being frozen, the hacker's Tron chain address transferred large assets such as $21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC to other addresses, totaling more than US$42.83 million. Only $6.54 million is currently frozen.

Well, it brings us back to security in Crypto. We can't blame the hack on Blockchain technology when we do not fully appreciate this technology.

Crypto was made to put the power of finances in your hand, but most people feel more comfortable putting that power in decentralized exchanges. And when such hacks happen, they are bound to be affected.

Earlier last month, justin Sun moved $132 million in lido to Binance, many people suspected he wanted to create a huge selling pressure but he didn't seem to do that.

Hope you learnt something today, I am ticktalker and I always post crypto/educative contents.

Making each day count in the world of crypto is crucial for success. Plan, research, and learn to stay ahead. Keep pushing, legends! 💪💯

Until next time, stay SAFU.

Please whatever is written in the article above is for educative purposes only. I am not a financial advisor.

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