HTX Plans to Resume Services Within 24 Hours After Hack
Following a significant hack that resulted in an estimated loss of $30 million, cryptocurrency exchange HTX, formerly known as Huobi Global, has announced its intention to resume services within 24 hours. The exchange will restore deposit and withdrawal services and has assured users that they will be fully compensated for their losses. HTX also pledged to enhance security measures to prevent future hacks and ensure the safety of user funds.
HTX Intends To Resume Service Within 24 Hours
Cryptocurrency exchange HTX is taking swift action to recover from a major breach. The exchange plans to restore deposit and withdrawal services within 24 hours and has promised full compensation to affected users. HTX emphasized its commitment to maintaining regular operations despite the incident, assuring users that their assets are secure.
โHTX is set to resume deposit and withdrawal services within the next 24 hours. The exact timing for the resumption will be notified through a separate announcement. We reiterate our commitment to fully compensate users for the losses incurred by the incident and ensure the complete security of user assets. The amount of assets lost is minimal compared to the total platform funds. We want to assure you that the regular operations of HTX will remain unaffected by this incident.โ
The hack occurred on November 22nd, resulting in a theft of $13.6 million from HTX’s hot wallets. The total amount lost later increased to $30 million as more information about the hack came to light. The attack was part of a larger operation targeting the HTX Eco (HECO) Chain bridge, which includes other entities like Tron and BitTorrent, all connected to blockchain entrepreneur Justin Sun.
HTX stated that safeguarding user assets and information is its top priority, and the exchange will take measures to prevent similar incidents in the future.
A Proactive Approach
Justin Sun, the prominent blockchain entrepreneur associated with HTX, has taken proactive steps to address the concerns of affected users. An investigation is currently underway to determine the cause of the hack, and Sun has offered a $10 million white hat bounty to the hacker responsible for the Poloniex hack, seeking the return of stolen funds. This demonstrates a strong stance against cybercrime in the crypto industry.
โWe are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.โ
HTX’s response to the hack could serve as a model for managing crises in the evolving crypto ecosystem. It also highlights the importance of implementing stringent security measures.
Sun-Linked Poloniex Also Targeted
In recent months, HTX and other entities connected to Justin Sun have experienced four hacking incidents. The most significant breach occurred at Poloniex, where $100 million was stolen due to a compromised private key. Multiple wallets across various blockchains were targeted in this attack on November 10th. Sun has also offered a $10 million white hat bounty to retrieve the stolen funds from this incident.
โWe are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.โ
Hot Take: HTX Bounces Back After Hack
Despite experiencing a significant breach resulting in a substantial loss of funds, HTX has swiftly taken action to resume its services within 24 hours. The exchange’s commitment to compensating affected users and implementing enhanced security measures demonstrates its determination to protect user assets and maintain regular operations. This incident serves as a reminder of the importance of stringent security measures in the crypto industry. Furthermore, Justin Sun’s proactive approach, including offering a white hat bounty, shows a strong stance against cybercrime. HTX’s response could serve as a blueprint for managing hacks and crises in the evolving crypto ecosystem.
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