Justin Sun Announces 5,000 ETH Hack at HTX, Assures Full Coverage of Losses
In Brief
A hack on the cryptocurrency exchange HTX (previously known as Huobi) resulted in the loss of 5,000 ether, totaling $7.9 million, as reported by Justin Sun.
In a sudden turn of events, cryptocurrency exchange HTX disclosed a security breach leading to a loss of 5,000 ETH, approximately valued at $8 million. Justin Sun, associated with HTX, made the announcement, promptly addressing the concerns surrounding the incident.
Hacker’s Address Revealed
Sun released the addresses of the alleged hacker, pointing out the swift action taken by the HTX team to neutralize any further potential losses post the incident. In a bid to recover the pilfered funds, Sun announced a white hat reward of 5%, roughly amounting to $400,000, to motivate the hacker to return the stolen assets.
HTX’s commitment to security and user trust stands unblemished, as Sun emphasized the insignificance of the lost sum in contrast to the $3 billion assets held by their users.
This loss, he compared, is merely a two-week revenue for the HTX platform. Despite the hack, all user assets remain secure, and the platform’s operations continue uninterrupted.
HTX assured that they had entirely covered the losses from the attack and have addressed all related issues, thereby restoring normalcy to their platform’s operations.
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
HTX Reflecting on the Impact
In a final note of warning, Sun communicated the intent to involve law enforcement authorities if the stolen funds are not returned within a specified seven-day period. This step highlights the serious stance taken by HTX in safeguarding their assets and ensuring the security and trust of their user base.
Despite the incident, HTX, formerly known as Huobi, maintains its confidence and assures its users of unyielding security and support.
The timely detection of the hack and the immediate actions taken showcase the exchange’s robust security infrastructure, minimizing the impact and ensuring the continuity of operations and trading. The rebranded platform, following this incident, reinforces its commitment to evolving its security framework, further safeguarding its operations and assets against potential future breaches.
In light of these events, HTX’s unwavering dedication to safeguarding user assets and ensuring operational integrity reiterates its position as a reliable cryptocurrency exchange platform, demonstrating resilience in the face of security challenges.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
