The Heco Bridge has Reportedly Lost $86.6 Million

By Theon Barrett Nov 22, 202349Views

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Unexpected Crypto Flows Suggest Exploit Involving Heco Bridge

An exploit involving the Heco bridge, used to transfer funds between Ethereum and the Heco Chain, has raised concerns about lost funds. According to Wintermute Head of Research Igor Igamberdiev and blockchain analysts PeckShield, approximately $86.6 million was taken from the Heco bridge. The funds were immediately moved to decentralized exchanges and exchanged for other tokens.

Speculation has arisen that the bridge may have been exploited or rugpulled, as stated by PeckShield. Additionally, there were suspicions of an additional exploit of the crypto exchange HTX, with suspicious transfers totaling $23.4 million.

HTX has taken measures, such as moving funds from a hot wallet to a recovery wallet, but has also stopped processing withdrawals from the exchange. The Block has reached out to HTX and Heco Chain for further comments.

Hot Take: Concerns Arise After Large Crypto Funds Are Reportedly Exploited

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Theon Barrett

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