Crypto exchange HTX to resume operations after $13.6 million exploit
Crypto exchange HTX, formerly known as Huobi Global, has announced that it will resume deposits and withdrawals within 24 hours after experiencing a $13.6 million exploit on November 22. The exchange has assured users that it will fully compensate for the losses and guarantee the safety of their funds.
An orchestrated attack against HTX Eco Chain bridge
The hack was part of an orchestrated attack against the HTX Eco (HECO) Chain bridge, which also targeted Tron (TRX) and BitTorrent (BTT). All three entities are linked to Chinese blockchain entrepreneur Justin Sun. However, HTX claims that the incident did not impact its normal operations.
Ongoing security concerns for HTX and Justin Sun-linked entities
HTX has emphasized its commitment to protecting user assets and information security, stating that it will take necessary measures to prevent future incidents. This is not the first time HTX and Justin Sun-linked entities have been targeted, as they have experienced four hacks in the past two months. The largest exploit was a $100 million attack on Poloniex caused by a compromised private key.
Investigation underway and white hat bounty remains open
Justin Sun has announced an investigation into the recent hack and has pledged to resume services once the cause is identified. Meanwhile, a $10 million white hat bounty is still available for anyone who can help recover the stolen funds from the Poloniex exploit.
Hot Take: HTX’s Resilience Tested Amidst Multiple Hacks
The recent hack targeting HTX is yet another blow to the exchange and its affiliated entities linked to Justin Sun. Despite multiple security breaches in recent months, HTX remains determined to protect user assets and enhance its security measures. As investigations continue into the hacks, it is crucial for HTX and other crypto exchanges to prioritize the safety of their users’ funds and information. The resilience demonstrated by HTX in recovering from these incidents will be key in restoring confidence among its user base and the broader crypto community.
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