Justin Sun Reportedly Selling Stake In Huobi Exchange

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HTX (Ex-Huobi) Hacked; Justin Sun Assures Fund Safety – Crypto News

Published

3 years ago

September 25, 2023

Dripp

HTX Global, formerly known as Huobi, faced a security breach Monday resulting in a loss of approximately $8 million in Ethereum (ETH) due to a hacker attack. The incident came to light through a detailed thread on the X platform (formerly Twitter) by Justin Sun.

HTX Hacked, Damage Analysis

“HTX has suffered a loss of 5,000 ETH ($8 million) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are SAFU, and the platform is operating completely normally.” Wrote Sun sharing the hacker’s addresses.

Despite the significant sum involved, Sun emphasized that this loss represented a relatively small portion of the platform’s total assets, which amounted to a staggering $3 billion. He added, “It also amounts to just two weeks’ revenue for the HTX platform.”

As per Sun, the breach was swiftly detected by HTX’s security team on September 24, 2023, at 6 p.m. SGT and immediate action was taken to prevent any further losses. Cyvers Alerts, an onchain security firm, reported having previously identified suspicious transactions linked to the Mixin network, which recently experienced a substantial loss of $200 million. These transactions were traced back to HTX and Binance. However, despite their efforts to reach out to HTX, they received no response.

Justin Sun Assures Users of Funds’ Safety

That said, HTX announced a white hat reward of 5% of the stolen amount, equivalent to $400,000, as an incentive for the hacker to return the stolen funds. Additionally, they offered to hire the hacker as a security white hat advisor if the funds were returned voluntarily.

However, Sun made it clear that if the funds were not returned within seven days, they would cooperate with law enforcement authorities to pursue legal action against the hacker.

H.E. Justin Sun is the Founder of TRON and advisor to HTX. HTX Global rebranded on September 13, 2023, with a mission to expand its global roadmap by venturing into new markets while focusing on growth, profitability, and partnerships with various blockchain projects and stablecoin initiatives. Notably, the latest incident has been its largest security breach since rebranding.