Binance Offers Support to HTX in Tracking Stolen Funds
Crypto exchanges often face challenges with hackers, and when one exchange gets hacked, it can become an opportunity for banter among industry leaders. Changpeng Zhao, CEO of Binance, took a playful jab at Justin Sun, founder of Huobi Global, after Huobi experienced a hack resulting in a loss of over $7.9 million. This incident occurred just a week after Huobi rebranded to HTX, which many saw as resembling the bankrupt exchange FTX.
HTX (formerly known as Huobi) suffered a security breach on Sunday, resulting in the loss of 500 ether (ETH), valued at around $8 million. The breach was quickly detected, and Justin Sun assured users that HTX had compensated for the losses and that all funds remained secure.
Huobi’s response to the attacker included proposing that they keep 5% of the stolen funds as a “white-hat reward” if they returned the remaining 95%. Justin Sun emphasized that the $8 million loss was relatively small compared to the $3 billion worth of assets held by users and represented only two weeks’ revenue for HTX.
In a cheeky tweet, CZ from Binance jokingly referred to Huobi’s name change and offered Binance’s security team’s assistance in tracking hacker funds. He stated that jokes aside, Binance is willing to help in any cases where they can track hacker funds.
Huobi’s Rebranding Draws Attention
When cryptocurrency exchange Huobi rebranded to HTX on its 10th anniversary, it caught significant attention due to its similarity to the name of the now-bankrupt exchange FTX. This resemblance raised eyebrows and sparked discussions among users on social media.
Users on social media platforms questioned the decision to change the name to HTX, as it reminded them of FTX and its founder’s ongoing fraud-related charges. The choice of the name HTX after FTX’s downfall in 2022 raised doubts among users.
Hot Take: Binance Ready to Assist in Tracking Hacker Funds
While CZ from Binance playfully mocked Huobi’s name change, he also expressed Binance’s willingness to help track hacker funds. This incident serves as a reminder that even industry giants face security challenges and need to work together to protect user funds in the crypto space.
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