Customer Assets Secure After Recent Hacks, Says Justin Sun
Justin Sun, the owner of crypto exchanges HTX and Poloniex, assures users that their deposits are completely safe despite recent hacking incidents. In an interview with CoinDesk, Sun stated that both platforms have recovered from the hacks and have resumed user withdrawals for the majority of their assets.
Sun revealed that HTX has already resumed 95% of its USD worth of assets, while Poloniex has resumed around 85% in terms of USD value. Although Poloniex lost $125 million in November and the HECO chain lost $86.6 million later that month, Sun assured users that all losses will be reimbursed using exchange revenue.
An HTX spokesperson added that the lost funds represent only a small fraction of the exchange’s total reserves and that the company can continue operating.
Impact on Trading Premiums and Compensation Plans
Due to withdrawal restrictions on certain altcoins, HTX and Poloniex are experiencing trading premiums for Bitcoin (BTC) and Tron (TRX). Traders are liquidating their small-cap positions to withdraw funds from the platform. To compensate affected customers, Sun has promised a Tether (USDT) airdrop, providing one stablecoin for every dollar worth of tokens held on the exchanges.
Justin Sun’s Influence in the Crypto Industry
Justin Sun holds significant influence in the crypto industry. He founded the Tron blockchain in 2017 before launching Poloniex in 2019. Tron is currently the 11th largest cryptocurrency with a market cap exceeding $9 billion.
However, Sun is facing a lawsuit from the Securities and Exchange Commission (SEC) for allegedly failing to disclose paid celebrity endorsements for Tron’s TRX and BTT tokens.
Hot Take: Customer Assets Remain Secure Despite Hacks
Despite recent hacking incidents, Justin Sun assures users of HTX and Poloniex that their assets are 100% safe. Both platforms have recovered from the hacks and resumed user withdrawals for the majority of their assets. Losses from the hacks will be fully reimbursed using exchange revenue, ensuring that customer deposits remain secure.
While trading premiums for Bitcoin and Tron have been observed due to withdrawal restrictions, Sun plans to compensate affected customers through a Tether airdrop. Justin Sun’s influence in the crypto industry is significant, with his involvement in founding Tron and Poloniex. However, he is currently facing a lawsuit from the SEC for alleged failure to disclose paid endorsements.
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