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Crypto News

Justin Sun Proposes a Reward for Return of Stolen Ethereum from HTX Exchange

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

justin sun

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In the aftermath of a hack that resulted in the theft of approximately $8 million in Ethereum (ETH) from the crypto exchange HTX, Tron (TRX) founder Justin Sun has put forward a proposition. Sun, who claims to be an advisor for the exchange, has pledged a 5% reward if the stolen crypto is returned by the hackers.

HTX, previously known as Huobi, is a Seychelles-based cryptocurrency exchange. The nature and extent of Sun’s affiliation with HTX is somewhat ambiguous. However, he is known to have committed a significant portion of his personal funds to support the exchange.

The theft, occurring over the weekend, saw hackers make away with nearly 4,999 ETH, equating to roughly $7.9 million. Blockchain security firm PeckShield confirmed these details.

In a reassuring message to the exchange’s users, Sun confirmed that HTX had absorbed the financial blow and rectified all issues linked to the security breach. He emphasized the relative insignificance of the stolen sum compared to the total assets managed by the exchange and its revenue generation capacity.

Sun highlighted the swift response from the exchange to mitigate the effects of the hack, ensuring the safety of remaining funds and the uninterrupted continuation of trading activities. As an incentive for the return of the stolen Ethereum, Sun is offering $400,000 – 5% of the pilfered amount – as a reward.

In an interesting twist, Sun expressed willingness to onboard the hacker as a security advisor for HTX should they opt to return the stolen funds. This white-hat approach seeks to turn a negative incident into an opportunity to enhance the exchange’s security protocols.

In the event the stolen Ethereum is not returned within the stipulated one-week period, Sun warned that information regarding the security breach would be handed over to law enforcement for further action. This unfolding situation underscores the ongoing challenges and risks associated with security in the rapidly evolving cryptocurrency landscape.