HECO Chain Bridge Compromised: Over $86M in Digital Assets Moved to Suspicious Addresses
Summary:
PeckShield, a blockchain security firm, reported the transfer of over $86.6 million in digital assets from the HECO Chain bridge to suspicious addresses, hinting at a potential security compromise. While the investigation is ongoing, the company has suspended all deposits and withdrawals. Justin Sun, the founder of Tron, has assured full compensation to users for any resulting losses. This is the second time a Sun-affiliated project has been targeted, the previous hack being on the Poloniex exchange.
Blockchain security company, PeckShield, has revealed that digital assets upwards of $86.6 million have been moved from the HECO Chain bridge to questionable addresses. There are indications that the bridge has been breached and is currently under attack. Tron founder, Justin Sun, assured that any losses resulting from the attack will be fully reimbursed by HTX. He further stated that the company has halted all deposits and withdrawals as they probe into the matter, and assured that normal services will resume post-investigation.
PeckShield initially raised an alarm over a transaction in which approximately $19 million, in the form of 10,145 Ether (ETH), was moved from the bridge. This was followed by several other similar instances where digital currencies like USD Coin (USDC), Shiba INU (SHIB), Chainlink (LINK), among others, were diverted to various addresses.
Launched on December 21st, 2020, the HTX Eco Chain (HECO) was engineered to offer a lower-cost cross-chain experience. The venture was a collaborative effort of Tron and BitTorrent's bridge ecosystem, amalgamated into HECO by Sun in 2022.
The recent breach of HECO Chain is the second security compromise related to a project linked with Justin Sun. On November 10th, an exchange Sun acquired in 2018, Poloniex, witnessed a $100 million exploit. Security experts hold the view that the event might be connected to private keys infringement.
Published At
11/22/2023 12:53:21 PM
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