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According to multiple reports, iToken, formerly known as Huobi Wallet, fell victim to a crypto heist in the last week, leading to the loss of $263,000 worth of users\u2019 assets. The incident draws much attention following recent police investigations into some of Huobi\u2019s former staff.<\/span><\/p>\n Providing more insight on this latest exploit, prominent security firm Peckshield reported<\/a> that this event occurred on October 3, with the drainer stealing a total of $263,000 USDT and 92 TRX minted on the Tron network.<\/span><\/p>\n Thereafter, the bad actor proceeded to swap these stolen funds for approximately 2.9 million TRX, of which 1.4 million TRX was transferred to the ChangeNOW exchange, and 1.5 million TRX was moved to Binance.\u00a0<\/span><\/p>\n #PeckShieldAlert<\/a> @iToken<\/a>, formerly known as Huobi Wallet was suspected to have been drained of ~263K $USDT<\/a> & 92 $TRX<\/a> on #Tron<\/a> ~3 days ago. \u2014 PeckShieldAlert (@PeckShieldAlert) October 7, 2023<\/a><\/p>\n<\/blockquote>\n Currently, there are speculations<\/a> that this heist was orchestrated by the internal staff of Huobi as such development would be unprecedented. <\/span>In September, the Chinese Police were reported to have arrested a former Huobi team member for implanting a Trojan horse virus that resulted in the exposure of the private keys and mnemonic phrases of some iToken users.<\/span><\/p>\n Launched in 2018, iToken functions as a professional DeFi wallet, which enables the storage of various digital assets across multiple networks. It was initially known as the Huobi wallet, as earlier stated, but was rebranded<\/a> iToken in 2022, following a $200 million investment from the Huobi Group.<\/span><\/p>\n In addition to speculations of insider involvement in this recent heist, Huobi, now rebranded as HTX, has been in the news recently and not for positive reasons.<\/span><\/p>\n On September 25, the exchange fell victim to a hack<\/a> that drained 5,000 ETH worth $7.9 million. However, the exchange\u2019s advisor and Tron founder, Justin Sun, soon came out to assure users of total asset recovery and security of the exchange\u2019s operation.\u00a0<\/span><\/p>\n However, this week, crypto expert Dylan LeClair wrote a thread on X accusing<\/a> the Tron Visioneer of creating a \u201cweb of deception.\u201d This marks the second time<\/a> in recent weeks Justin Sun has been accused of malicious dealings involving users\u2019 assets on Huobi.<\/span><\/p>\n According to LeClair, ever since Sun acquired a controlling stake in Huobi in late 2022, the amount of USDT held on the exchange has been gradually replaced by stUSDT, a receipt token for staking USDT.<\/span><\/p>\n The stUSDT token<\/a> is controlled by Justin Sun and is supposedly designed to invest in real-world assets such as US government bonds. However, LeClair stated that on-chain analysis and transactions show no such investment.\u00a0<\/span><\/p>\n The crypto analyst also drew attention to \u201cworrying\u201d transactions by Justin Sun involving JustLend, a Tron-based DeFi lending platform,\u00a0 and other stablecoins, including USDT and USDC, before concluding that the Tron Founder is maliciously moving USD liquidity out of the crypto space.\u00a0<\/span><\/p>\n At the time of writing, HTX\u2019s native token, HT, hovers around $2.36 with a 0.74% gain in the last day, according to data from CoinMarketCap<\/a>. Meanwhile, HT\u2019s daily trading volume is up by 10.64% and is valued at $3.47 million<\/span><\/p>\n<\/p>\n Featured image from Bloomberg, chart from Tradingview<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" According to multiple reports, iToken, formerly known as Huobi Wallet, fell victim to a crypto heist in the last week, leading to the loss of $263,000 worth of users\u2019 assets. The incident draws much attention following recent police investigations into some of Huobi\u2019s former staff. $263,000 Drained From Huobi Wallet \u2013 Could There Be An […]<\/p>\n","protected":false},"author":2,"featured_media":170038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-170037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=170037"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170037\/revisions"}],"predecessor-version":[{"id":170040,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170037\/revisions\/170040"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/170038"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=170037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=170037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=170037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}$263,000 Drained From Huobi Wallet \u2013 Could There Be An Internal Involvement?<\/strong><\/h2>\n
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The drainer swapped these stolen funds for ~2.9m $TRX<\/a> and subsequently transferred them out.
~1.4m $TRX<\/a> was sent to #ChangeNow<\/a>, and ~1.5m\u2026 pic.twitter.com\/yv4sTfj8cV<\/a><\/p>\nGrowing Controversy Around Huobi?<\/strong>\u00a0<\/span><\/h2>\n
HT trading at $2.34 on the hourly chart | Source: HTUSDT chart on Tradingview.com<\/a><\/pre>\n