Huobi Global Hacked for $7.9M; Vitalik Buterin's Large Transactions Detected; HK's SFC Introduces New Measures
Summary:
Huobi Global, a crypto exchange recently renamed as HTX, suffered a $7.9 million hack on September 24. In related news, a wallet connected with Ethereum's co-founder Vitalik Buterin made several large transactions in September, totaling over $3.9 million. Meanwhile, following the JPEX scandal, Hong Kong's Securities and Futures Commission (SFC) has introduced measures to help the public identify potentially fraudulent or unlicensed crypto exchanges.
Huobi Global, a cryptocurrency exchange, experienced a cyber-attack on 24th September with the loss amounting to $7.9 million, as per data from blockchain analysis. Concurrently, blockchain experts flagged off an unusual transaction from a wallet linked with Ethereum's co-creator Vitalik Buterin, where around $600,000 worth of 400 ETH were sent to Coinbase. Furthermore, Hong Kong's regulatory authority, the Securities and Futures Commission (SFC), has launched additional steps to enable the general public to recognize fraudulent or unregistered crypto exchanges.
Huobi Global, now called HTX, fell victim to a hack wherein $7.9 million was pocketed by the cyber thieves, revealed by blockchain security company Cyvers Alerts. As per the report dated September 25, an estimated 4,999 ETH were siphoned from a Huobi hot wallet. Huobi Global investor Justin Sun later verified the breach but asserted that the user funds are unaffected.
The hacked funds seem to have been tracked by Huobi, with the cyber-thief being requested to return the stolen amount. The exchange has proposed a 5% white hat bonus to the hacker if the funds are returned within a week's duration. Such breaches cause strains in the cryptocurrency industry, especially when the markets are gradually recovering from an extended bearish trend. A recent exploit of Stake, a crypto-focused betting platform suffered a loss of $41 million, allegedly executed by the Lazarus Group associated with North Korea, according to the FBI.
Meanwhile, Ethereum's co-founder Buterin's recent transactions have been under scrutiny by blockchain investigators after a series of transactions totaling over $3.9 million were detected in September 2023. A 400 ETH transaction, estimated around $632,000, was reportedly sent to Coinbase from Buterin's wallet on September 25. Blockchain analytics platform, Spot On Chain, estimates that Buterin has made deposits of approximately 2,421 ETH, equating to $3.94 million, from 15th September onwards.
Hong Kong's financial watchdog SFC announced on September 25 that they will create a comprehensive list of all Virtual Asset Trading Platforms (VATPs) to help people identify potentially unregulated VATPs operating in Hong Kong. This initiative comes in the wake of the JPEX scandal, estimated to cause a financial impact of $178 million. The SFC will also maintain a detailed list of "suspicious VATPs" on its website. The JPEX crypto exchange has been allegedly marketing to Hong Kong citizens without a proper license, sparking over 2,200 complaints from impacted users. Investment and trading contain risks, and proper research is essential before any decision-making.
Published At
9/25/2023 7:45:57 PM
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