Crypto Investors Withdraw Assets from HTX Following $30 Million Hack
Crypto investors have been moving their assets away from crypto exchange HTX (formerly Huobi) following a Nov. 22 exploit that saw the exchange pause its services and lose a total of $30 million. Between Nov. 25 and Dec. 10, the exchange had some $258 million in net outflows, according to data from DefiLlama.
HTX’s Reserves Comprise Bitcoin and Tron
DefiLlama data shows HTXβs reserves comprise 32.3% Bitcoin (BTC) and 31.8% Tron (TRX). TRX is the native currency of the Tron network, a blockchain launched by Sun in 2017.
HTX Ranked 16th Largest Crypto Exchange
At the time of publication, HTX is the 16th largest crypto exchange by daily trading volume, with a total of $1.6 billion in trading volume in the last 24 hours, per CoinMarketCap data.
Multiple Hacks Targeting Sun-Linked Entities
Over the past two months, HTX and other Sun-linked entities, such as crypto exchange Poloniex and the HTX Eco Chain (HECO) bridge, have been hacked a total of four times. The first HTX hack occurred less than two weeks after the exchange rebranded itself to HTX, with an unknown attacker stealing nearly $8 million in crypto on Sept. 24, 2023.
Huge Losses from Poloniex Exchange Exploit
The largest of the exploits was the $100 million Poloniex exchange exploit on Nov. 10, allegedly caused by a private key compromise.
Breach of HTX’s HECO Chain Bridge
HTXβs HECO Chain bridge suffered a massive breach on Nov. 22, with hackers compromising HECO and sending at least $86.6 million to suspicious addresses.
November: Worst Month for Crypto Theft
November was the worst month for crypto theft in 2023, with hackers and other malicious actors making off with $363 million of ill-gotten digital assets.
Hot Take: HTX Faces Multiple Security Breaches, Investors Flee
HTX has experienced a series of security breaches, including the loss of $30 million due to an exploit. This incident has led to a significant outflow of assets from the exchange, as investors seek more secure platforms. The hack is part of a larger trend, with multiple Sun-linked entities falling victim to attacks. These breaches raise concerns about the overall security of the crypto industry. It is crucial for investors to carefully consider the security measures implemented by exchanges before entrusting their assets.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats. Coinan’s contributions serve as a valuable resource for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With meticulous attention to detail, he empowers informed decision-making in the ever-evolving crypto sphere.
