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Security Breach at Heco Bridge Leads to $86 Million Loss for Justin Sun's HTX-Linked Venture

Security Breach at Heco Bridge Leads to $86 Million Loss for Justin Sun’s HTX-Linked Venture

Heco Bridge Security Breach Results in $86 Million Loss

Reports have emerged that the Heco Bridge, a cross-chain connection between Ethereum and the Heco blockchain, has been compromised, leading to a loss of $86 million. The stolen funds were funneled into various decentralized exchange (dex) platforms following the theft.

Cyber Security Firms Raise Alarm

Blockchain security firms Cyvers and Peckshield raised the alarm about the breach, stating that the suspicious $86.6m outflow from Heco Chain bridge was from a compromised operator who had been operational since October 8, 2022.

Justin Sun’s Strategic Move

In a strategic move in 2022, Tron’s creator, Justin Sun, combined HTX’s Heco Chain with the Tron and Bittorrent blockchains to create a more integrated platform and foster collaboration between developers from Heco, Tron, and Bittorrent.

The Perpetrator’s Wallet and Compensation Plans

The perpetrator’s wallet currently holds 30,949 ether, valued at $62.83 million, which is only a portion of the total stolen amount. Despite the lack of updates from Heco Chain’s X account, Sun has stated that HTX will fully compensate for the hot wallet losses and is temporarily suspending deposits and withdrawals to investigate the hacker attack.

Hot Take: Justin Sun’s HTX to Fully Compensate for $86 Million Breach

Despite the security breach and loss of $86 million, Justin Sun has assured the community that HTX will fully compensate for the hot wallet losses. Deposits and withdrawals have been temporarily suspended, and an investigation is underway to identify the cause of the hacker attack before resuming services.

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Security Breach at Heco Bridge Leads to $86 Million Loss for Justin Sun's HTX-Linked Venture