Huobi Hack: Justin Sun Takes Action
On September 25, 2023, HTX Global, formerly known as Huobi, experienced a hack resulting in the loss of 5,000 ETH worth $8 million. In response, Justin Sun, the advisor of HTX Global, announced several measures to address the situation and enhance security.
Huobi SAFU Fund for Enhanced Security
To reassure users and prioritize the security of their assets, Sun HTX assured the community that the platform is committed to safeguarding user funds. Additionally, Sun revealed plans to host a Twitter Space on September 26, 2023, to discuss the exchange’s security measures.
Furthermore, Sun announced the establishment of a SAFU (Secure Asset Fund for Users) fund. This fund will ensure that HTX Global is always prepared for potential losses resulting from security issues. Sun emphasized that the exchange’s multi-backup and multi-signature cold wallet system provides 100% security.
Other Crypto Hacks
CoinGape previously reported two other incidents of crypto hacks. One involved Lazarus Group from North Korea stealing $40 million worth of Bitcoin holdings, while the other targeted Mixin Network with $200 million worth of crypto assets at risk.
Hacker’s Offer and Warning
The hackers responsible for the HTX Global hack have yet to respond to Justin Sun’s offer of a 5% reward from the stolen funds. However, there is a one-week deadline for them to return the funds. Sun cautioned that if they fail to meet this deadline, legal action will be taken against them.
Hot Take: Strengthening Security Measures After Huobi Hack
The recent hack on HTX Global has prompted Justin Sun to take immediate action to enhance security and reassure users. By establishing the SAFU fund and implementing real-time monitoring mechanisms, HTX Global aims to prevent future losses resulting from security issues. Sun’s proactive approach demonstrates the exchange’s commitment to protecting user assets and maintaining a secure platform. However, the response from the hackers remains uncertain, with the deadline for returning the stolen funds approaching. The outcome of this situation will likely have implications for both HTX Global and the broader crypto community.
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