The HTX Exchange, previously known as Huobi Global, has claimed that it has properly handled the hacking attempt on its platform. Moreover, the exchange said that it would resume deposits and withdrawals within 24 hours.
Quick Take:
- The HTX Exchange lost around $30 million in a recent hacking incident.
- A blockchain bridge, Heco Chain lost $85.4 million in an exploit.
- Dark clouds hover around Justin Sun-backed exchanges after suffering four attacks in the last month.
As per reports, HTX was exploited for around $30 million. The value of the exploit saw a major rise from the previously reported $13.6 million at the time of the incident. In a follow-up, the exchange has announced that it will be fully compensating for the losses caused by this attack.
Furthermore, the Heco Chain was also attacked by hackers. It was estimated that around $85.4 million worth of crypto assets were stolen through the blockchain bridge, Heco Chain. The stolen funds were mostly in USDT and ETH. Nonetheless, the total amount stolen from these two platforms reached a significant $115 million.
The HTX platform emphasized that the stolen funds are just a small percentage of the total funds on the platform. Therefore, the exchange’s normal operations will not be affected by the event. HTX also reassured users and consumers that their funds are safe and secure on the platform.
One of the investors in HTX, Justin Sun, said,
“HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”
Tough Days For HTX and Justin Sun
HTX said that it was trying to identify the source of the attack, and therefore, it suspended the withdrawals as a precautionary measure. A crypto analyst noted that around 11,100 ETH tokens have been moved out of the exchange in the last 15 hours or so.
Most of the funds moved out of the exchange were the result of the hacking attempt. However, some users also tried to get their funds out of the compromised exchange. It was further reported that the hackers are converting these stolen cryptos into more liquid Ether, as USDT and USDC can be frozen.
Just a few days ago, another exchange, Poloniex, backed by Justin Sun suffered a hacking attempt. Poloniex lost a total of $100 million worth of cryptocurrencies due to this attack. The exchange has announced a $10 million bounty for the return of these stolen funds.
In the past two months, exchanges backed by Justin Sun have been hacked four times. Even though the investigations are going on for all of these hacks, it still paints a bad image for the reputation of the exchanges.
