Tron's Justin Sun Discusses Huobi's 5,000 ETH Loss in Recent Crypto Hack

Tron’s Justin Sun Addresses Huobi’s Crypto Hack and Loss of 5,000 ETH

Justin Sun, the founder of Tron, recently discussed the recent crypto hack that Huobi’s crypto-exchange, HTX, experienced. The breach resulted in a loss of 5,000 ETH, equivalent to $8 million.

HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are #SAFU and the platform is operating completely normally.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 25, 2023

Justin Sun, who also serves as a consultant to Huobi, reassured users that the losses had been covered and that the platform was fully operational. He emphasized that the $8 million stolen was relatively small compared to the $3 billion in assets held by Huobi users.

Sun even shared information about the hacker, including their ethereum addresses, and offered a white hat reward of $400,000 to incentivize the hacker to return the stolen funds. He also proposed hiring the hacker as a security consultant for HTX. However, if the funds were not returned within seven days, Sun would involve law enforcement authorities for further action.

Hacker Attack on Mark Cuban’s MetaMask Wallet

In addition to the Huobi hack, billionaire investor Mark Cuban experienced a hack on his MetaMask crypto-wallet, resulting in a loss of $870,000. Fortunately, Cuban was able to transfer the remaining funds to another wallet on Coinbase.

Cuban’s rescue transaction involved transferring a substantial amount of $2.5 million in USDC on Polygon, which exceeded the amount stolen by almost three times.

Hot Take: Taking Action Against Crypto Hacks

Crypto hacks continue to pose significant risks to exchanges and individual users alike. It is crucial for platforms like Huobi and individuals like Mark Cuban to take immediate action when faced with such attacks. Implementing robust security measures and collaborating with law enforcement authorities can help mitigate losses and hold hackers accountable. Justin Sun’s offer of a white hat reward demonstrates an innovative approach to addressing cybercrime in the crypto space. By incentivizing hackers to return stolen funds and potentially hiring them as consultants, it creates an opportunity for collaboration and improvement in security practices.