Home Cryptocurrency Hacker Steals $8M of Ether (ETH) From HTX Exchange, Justin Sun Says

Hacker Steals $8M of Ether (ETH) From HTX Exchange, Justin Sun Says

by Harry Garcia

HTX, formerly known as Huobi, has fallen victim to a hacking incident resulting in the loss of 500 ether (ETH), equivalent to approximately $8 million. The news was confirmed by Justin Sun, the founder of Tron and an adviser to HTX.

The breach occurred on Sunday and was discovered promptly. HTX has assured its users that all losses will be fully covered, with the funds remaining secure. In a statement on his social media platform, Sun emphasized that the platform has taken the necessary steps to address and resolve the issue, restoring normalcy without delay.

The compromised wallet was reportedly one of HTX’s hot wallets. Since its establishment in March, it has received deposits amounting to $500 million from Binance, according to data from Arkham. Fortunately, the $8 million represents only a small fraction of the $3 billion worth of assets held by the platform’s users. Furthermore, it is equivalent to just two weeks’ revenue for HTX.

Sun announced that HTX is offering a $400,000 bug bounty to the hacker as an incentive to return the stolen funds. Additionally, the exchange is willing to hire the hacker as a security white hat advisor. By making this offer, Sun is demonstrating the platform’s dedication to strengthening its security measures and preventing future incidents.

The native token of the exchange, HT token, has experienced a slight decline of 1.24% in the past 24 hours and is currently trading at $2.43, according to CoinMarketCap.

It is important to note that hacking incidents in the cryptocurrency industry are not uncommon. Despite rigorous security measures, hackers continuously find new ways to exploit vulnerabilities. However, with the prompt response shown by HTX and the assurance that all losses will be covered, users can maintain confidence in the platform’s security and continue trading as usual.

In conclusion, while HTX’s hacking incident resulted in a loss of $8 million, the platform has taken immediate action to address the issue and restore normal operations. Funds remain secure, and the platform will fully compensate affected users. HTX’s offer of a bug bounty and a job opportunity to the hacker demonstrates a commitment to enhancing security measures. As the cryptocurrency industry evolves, continuous efforts to strengthen security protocols will be essential to protect users’ assets.

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