Heco Bridge Hacked for $86M Worth of Crypto

DeFi Hacked

Justin Sun’s crypto empire has continued to suffer hacking issues in recent months. This time, hackers have drained approximately $86.6 million worth of cryptocurrencies from the cross-chain protocol Heco Bridge.

“We suspect the bridge may be exploited or rugpulled,” blockchain security firm PeckShield said in a statement.

Heco Bridge Hacked for $86.6M

According to PeckShield, the crypto assets stolen include 346,994 TUSD, 42,399 LINK ($601,641), 619,000 USDC, 173,200 UNI ($931,816), 346.9 million SHIB ($2.8 million), 489 HBTC ($18.8 million), 42 million USDT, and 10,145 ETH ($19 million). On-chain data shows that the stolen funds have been moved to decentralized exchanges (DEX) and sold for other tokens.

Meanwhile, multiple reports suggested that hackers using the same pattern as the Heco Bridge exploit have also drained $23.4 million worth of digital assets from the crypto exchange HTX. Both Heco Bridge and HTX are Justin Sun’s crypto projects.

Sun stated that deposits and withdrawals have been temporarily suspended on HTX while their team investigates the matter.

“HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured,” he added.

Justin Sun’s Crypto Empire Under Siege

The latest incident marks the fourth theft of Sun’s crypto projects, including iToken (formerly Huobi Wallet) and Poloniex

In October, iToken was drained of approximately 263,000 USDT and 92 TRX. The drainer would later swap the stolen funds for roughly 2.9 million TRX and transfer them to non-custodial service ChangeNow and crypto exchange Binance.

Earlier this month, crypto exchange Poloniex suffered a major breach that resulted in the loss of over $100 million worth of crypto assets. The hack was discovered when a large number of assets were transferred from an account labeled “Poloniex 4” on Etherscan. Multiple security firms reported that the hackers were successful after gaining access to Poloniex’s private keys. 

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