HTX Crypto Exchange Pledges Full Compensation After $13.6M Exploit; $10M Bounty Still Open
Summary:
Crypto exchange HTX, formerly Huobi Global, plans to resume deposits and withdrawals within a day after losing $13.6 million in an exploit on November 22. The company promises to fully cover the losses, reiterating its commitment to user fund security. This incident follows another $13.6 million attack on Huobi and two other entities affiliated with blockchain entrepreneur Justin Sun. Amid investigations into the hacks, a $10 million bounty remains open for the return of the stolen funds from a previous $100 million Poloniex exploit.
Previously known as Huobi Global, the crypto exchange HTX plans to continue its deposits and withdrawals within the next day following a crippling exploit that led to a loss of $13.6 million on November 22. In a public statement, the exchange issued guarantees to fully cover all losses associated with this attack and put in place robust measures to safeguard the users' funds. The company also pointed out that the funds lost constituted a minute fraction of the platform's overall funds and that the incident did not affect its routine operations. The day before this incident, Huobi was hit by another attack, worth $13.6 million, targeting its exchange hot wallets. This attack was part of a larger $86.6 million assault on the HTX Eco (HECO) Chain bridge, involving HTX, Tron (TRX), and BitTorrent (BTT), all under the indirect control of Justin Sun, a Chinese blockchain tycoon. HTX re-asserted that asset and information protection for users remains its topmost priority, vowing to take whatever it takes to avert such occurrences in the future. Over the course of the last two months, HTX and the entities linked to Justin Sun has been subjected to four hacking scandals. The most substantial being the Poloniex hack worth $100 million on November 10, reportedly caused due to a breach in the private key. Sun has affirmed that investigations are underway to ascertain the root cause of these attacks and restore services thereafter. Notably, a bounty of $10 million is still available for the return of the stolen funds from the Poloniex hack, as per the latest news. In related news, there's been a wave of speculations following Huobi's change of name to HTX.
Published At
11/23/2023 3:51:47 PM
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