Justin Sun-Linked Firms Lose Over $100 Million in Ethereum, Shiba Inu, Chainlink, and Other Crypto Assets

New Report Reveals Massive Altcoin Theft from Firms Associated with Justin Sun

In recent weeks, a series of hacks have resulted in the theft of hundreds of millions of dollars’ worth of altcoins connected to Tron (TRX) founder Justin Sun, according to data from blockchain tracker Lookonchain. Five major hacks occurred over a 20-day period, resulting in stolen funds totaling $290 million.

Hacks Targeting Protocols Linked to Justin Sun

Two of the protocols that were targeted include crypto exchange HTX and Heco Bridge, which is used for transferring funds between Ethereum (ETH) and energy-efficient blockchain Heco Chain. Both of these platforms are associated with Justin Sun, who is also the owner of digital assets exchange Poloniex.

Cybersecurity Firm Details Stolen Funds

Cybersecurity firm Cyvers provided details on the stolen funds. The Heco Bridge hack accounted for $86 million in losses, involving assets such as USDT, HBTC, SHIB, UNI, USDC, LINK, and TUSD. HTX’s hot wallet was also exploited in the hack, resulting in the theft of ETH, USDT, USDC, and LINK.

Temporary Suspension of Services

Justin Sun assured HTX customers that their funds are secure. However, as a precautionary measure, withdrawals and deposits have been temporarily suspended until the specific cause of the hacks can be identified. Once the investigation is complete and the reason is determined, services will resume.

Hot Take: Massive Altcoin Theft Raises Concerns About Security

The recent series of hacks targeting firms associated with Justin Sun highlights the ongoing security concerns in the crypto industry. The theft of hundreds of millions of dollars’ worth of altcoins raises questions about the effectiveness of security measures and the vulnerability of digital assets. It serves as a reminder for individuals and businesses to prioritize robust security practices and stay vigilant against potential threats. As the crypto industry continues to evolve, it is crucial to address these security issues to ensure the long-term stability and trust in the ecosystem.