HTX Digital Exchange Suffers $13.6 Million Loss in HECO Bridge Cyber-Attack
Summary:
Previously known as Huobi Global, the digital currency exchange HTX suffered a loss of $13.6 million in the HECO Chain bridge exploit on November 22nd, part of the total $86.6 million exploit. The losses stemmed from three compromised hot wallets, with stolen assets being exchanged for Ether and dispersed across various Ethereum addresses. The incident follows a similar breach in September, marking a challenging period for the exchange recently rebranded from Huobi Global to HTX. Despite the incidents, HTX owner Justin Sun reassured users that all funds are secure and the losses will be fully compensated.
The digital currency exchange formerly known as Huobi Global, now HTX, has reportedly been hit with a loss of approximately $13.6 million following the HECO Chain bridge exploit that occurred on November 22, which totaled $86.6 million. The cybercrime incident was outlined in a report from blockchain security company, Cyvers, which claimed the damage resulted from breaches of three hot wallets. The stolen user and exchange assets were exchanged for Ether and subsequently dispersed across multiple Ethereum addresses. In terms of specific quantities, the report suggested that around 1,240 Ether (ETH), 7.3 million Tether (USDT), 1.78 million USD Coin (USDC), and 62,200 Chainlink (LINK) were taken during the cyber assault. HTX's ostensible proprietor, Justin Sun, founder of Tron and BitTorrent, promptly assured after the predicament that HTX would fully cover the losses from the hot wallet breaches and stated that all money held in HTX is safe, offering some peace of mind for the community. Earlier that day, the HECO Chain bridge, an inter-blockchain link that came to be through a merger of Tron and BitTorrent ecosystems in 2020, was also raided for $86.6 million. The raid was allegedly facilitated by a corrupted blockchain operator. In a similar event in September, HTX was targeted in another hot wallet breach, losing around $8 million. During that instance, Sun also assured everyone that all user resources were secure and that the platform was functioning as usual. That particular security breach occurred less than a month after the rebranding of Huobi Global to HTX, which was made public at Token2049 in Singapore. Current data from Nansen indicates that wallets recognized as HTX's carry a collective total of $2.08 billion in user and corporate assets. The exchange reported a spot trading volume of $1.3 billion within the most recent 24 hours.
Published At
11/22/2023 5:30:00 PM
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