Justin Sun Reveals Details About Recent Hack
A recent hack drained as much as 10,145 Ethereum (ETH) from the Heco bridge, resulting in a loss of $12.5 million in stablecoin USDC, USDT, Chainlink (LINK), and Ethereum. The bad actors used multiple transactions to move the funds in an attempt to conceal their tracks.
Crypto analytics firm Nansen identified the addresses associated with the hack Justin Sun added that HTX, and Heco Cross-Chain Bridge will fully compensate for the hot wallet losses. The deposits and withdrawals are temporarily suspended. Sun reassured the community that all funds in HTX are secure.
Sun Faces Second Attack in Two Weeks
The attack impacting the related platforms, including Poloniex, a Justin Sun-led exchange that fell victim to a hacking incident two weeks ago. In that incident customer funds were victimized, with Ethereum and Tether suffering approximately $11 million in losses.
Poloniex has extended a 5% ‘white hat’ bounty to the hacker, proposing the return of the stolen funds to specified wallets. So far, Ethereum has been trading at $2,028 with sideways movement on low timeframes.
Hot Take: Cryptocurrency Industry Under Constant Cyber Threat
Justin Sun is reeling from the second multi-million dollar hack in less than a month, as cyber criminals target platforms associated with the crypto leader. These incidents highlight the persistent cybersecurity challenges facing the cryptocurrency industry, posing a threat to user funds and the overall security of exchanges. As the industry grapples with these challenges, restoring user confidence and ensuring the security of funds remains a top priority for leaders like Sun.
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