HTX, Formerly Huobi, Hacked and Loses $8 Million in Ether
According to HTX advisor and Tron founder Justin Sun, HTX (formerly known as Huobi) has been hacked, resulting in a loss of 500 ether (ETH) worth approximately $8 million.
Immediate Response and Full Coverage of Losses
The hack occurred on Sunday and was promptly identified. However, Sun reassured the public that HTX has fully covered the losses and that funds remain secure. He made this announcement on X (previously known as Twitter).
Hacked Wallet Identified as One of HTX’s Hot Wallets
The compromised wallet is believed to be one of HTX’s hot wallets. Since its creation in March, it has received around $500 million in deposits from Binance, according to Arkham data.
$8 Million Represents a Small Sum Compared to User Assets
Sun emphasized that the stolen $8 million is relatively small compared to the $3 billion worth of assets held by HTX users. He stated that it is equivalent to just two weeks’ revenue for the platform.
Bug Bounty Offered and Job Opportunity for Hacker
In an effort to retrieve the stolen funds, Sun announced that HTX is willing to offer a $400,000 bug bounty to the hacker. Additionally, he extended an invitation for the hacker to join HTX as a security white hat advisor.
HT Token Trading at $2.43
The native token of HTX, called HT token, is currently trading at $2.43. However, it has experienced a decline of 1.24% in the past 24 hours, according to CoinMarketCap.
Hot Take: HTX Hacked, but Losses Covered and Bounty Offered
HTX, formerly known as Huobi, has fallen victim to a hacking incident resulting in the loss of $8 million worth of ether. However, the platform has acted swiftly, fully covering the losses and ensuring that user funds remain secure. Justin Sun, HTX advisor and Tron founder, has offered a bug bounty of $400,000 to the hacker in an attempt to retrieve the stolen funds. He has even extended a job opportunity to the hacker as a security white hat advisor. Despite this setback, HTX’s native token, HT token, continues to trade at $2.43.
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