HTX Global Faces $8 Million Ethereum Hack
HTX Global, formerly known as Huobi, recently experienced a security breach that resulted in the loss of around $8 million in Ethereum (ETH) due to a hacker attack. The incident was revealed by Justin Sun in a detailed thread on the X platform (formerly Twitter).
Damage Analysis
Sun explained that HTX had lost 5,000 ETH ($8 million) as a result of the hack. However, he reassured users that the platform had fully covered the losses and resolved all related issues. He also emphasized that this loss was relatively small compared to the platform’s total assets, which amount to $3 billion.
Breach Detection and Prevention
The breach was swiftly detected by HTX’s security team on September 24, 2023, at 6 p.m. SGT. Immediate action was taken to prevent any further losses. Cyvers Alerts, an onchain security firm, had previously identified suspicious transactions linked to the Mixin network, which experienced a substantial loss of $200 million. These transactions were traced back to HTX and Binance, but attempts to reach out to HTX went unanswered.
Assurance of Funds’ Safety
In response to the hack, HTX announced a white hat reward of 5% of the stolen amount ($400,000) as an incentive for the hacker to return the funds. They also offered to hire the hacker as a security white hat advisor if they voluntarily returned the stolen funds. However, if the funds were not returned within seven days, legal action would be pursued with law enforcement authorities.
Founder’s Background and Future Plans
H.E. Justin Sun is the Founder of TRON and an advisor to HTX. HTX Global rebranded on September 13, 2023, with a focus on expanding into new markets, achieving growth and profitability, and forming partnerships with blockchain projects and stablecoin initiatives. This incident marks the largest security breach for HTX since its rebranding.
Hot Take: HTX Global Recovers from $8 Million Ethereum Hack
Despite the security breach resulting in a significant loss of funds, HTX Global has managed to cover the losses and resolve all related issues. The platform’s quick response in detecting and preventing further losses demonstrates its commitment to user asset safety. Offering a white hat reward and potential employment for the hacker if they return the stolen funds shows HTX’s dedication to resolving the situation peacefully. However, if the funds are not returned within seven days, legal action will be pursued. This incident serves as a reminder of the ongoing security risks in the crypto industry.
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