Tron Founder Justin Sun’s Crypto Businesses Targeted by Hackers
Justin Sun, the founder of Tron, has experienced multiple attacks on his crypto businesses in the past two months, with at least four hacks targeting platforms associated with him.
Hacks on HTX Crypto Exchange
The HTX crypto exchange, formerly known as Huobi, has been hacked twice since its rebranding on September 13, 2023. The first hack occurred just a few days after the rebranding, resulting in the theft of nearly $8 million in cryptocurrency. The second hack led to a loss of $13.6 million due to a breach in the hot wallet.
Attacks on Poloniex and HECO Bridge
In addition to HTX, hackers have targeted other platforms owned by Justin Sun. Poloniex, a cryptocurrency exchange acquired by Sun in 2019, suffered a significant security breach where attackers stole at least $100 million in cryptocurrency. The HECO Chain bridge, which facilitates asset transfers between HTX and other networks like Ethereum, also experienced a massive breach with hackers transferring at least $86.6 million to suspicious addresses.
Total Losses and Community Response
Collectively, these four hacks have resulted in approximately $208 million in losses over the past two months. Although Justin Sun has promised to compensate for the losses, some members of the crypto community have expressed concerns and urged caution when using Poloniex and HTX.
Possible Insider Involvement
A spokesperson from the crypto security firm Hacken speculated that these attacks may be linked to an insider leaking sensitive information such as private keys. They emphasized the need for improved security measures and storage procedures for projects like these.
Court Case and Ongoing Speculation
These attacks come after the United States Securities and Exchange Commission filed a civil lawsuit against Justin Sun and his companies in March 2023, accusing them of fraud and securities law violations. The litigation is still ongoing.
Hot Take: Justin Sun’s Crypto Businesses Face Repeated Hacks
Tron founder Justin Sun’s crypto businesses have recently been targeted by hackers, resulting in significant losses. With multiple hacks on platforms such as HTX, Poloniex, and HECO Bridge, concerns have been raised about the security of these platforms. Some members of the crypto community question who might be involved in these attacks. Speculation suggests that insider involvement may be a factor, highlighting the need for improved security measures. These incidents also come amidst an ongoing court case involving the United States Securities and Exchange Commission and Justin Sun’s companies. It remains to be seen how these events will impact Sun’s businesses in the long term.
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