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Crypto News

HTX to Resume Services Within 24 Hours After $30 Million Hack

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Crypto exchange HTX, previously known as Huobi Global, has announced plans to resume deposits and withdrawals within 24 hours after experiencing a $30 million exploit on November 22. Initially reported as a $13.6 million incident, the exploit’s value has since increased.

In its announcement, the exchange committed to “fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds.” It also stated that the amount lost in this incident represents a small fraction of the platform’s total funds, and the normal operations of HTX were unaffected.

The day before the $30 million hack, HTX experienced a breach of its exchange hot wallets, alongside an orchestrated $86.6 million attack on the HTX Eco (HECO) Chain bridge involving HTX, Tron, and BitTorrent. All these entities have ties to Chinese blockchain entrepreneur Justin Sun.

HTX emphasized its commitment to safeguarding user assets and information security, pledging to take all necessary measures to prevent such incidents from occurring again. Over the past two months, HTX and other Sun-linked entities have been hacked four times, with the largest exploit being the $100 million breach on the Poloniex exchange on November 10, which resulted from an apparent compromise of private keys.

Justin Sun stated that investigations into the reasons behind the hacker attacks are ongoing. Once the investigation is complete and the cause is identified, HTX will resume services. Additionally, a $10 million white hat bounty for the return of stolen funds from the $100 million Poloniex exploit remains open at the time of publication.