HTX (Formerly Huobi) Reveals $8M Hack, With a Twist

ETH hacker

Crypto exchange HTX, formerly known as Huobi, has suffered a security breach that resulted in the loss of 5,000 ether ($8 million), according to the company advisor and Tron founder Justin Sun. The hack was immediately identified by the firm’s security team on September 24, at 6 p.m. SGT and swift action was taken to prevent any further losses.

HTX Hacked

In a detailed thread on the X platform (formerly Twitter), Sun wrote that HTX has entirely covered the losses and resolved all related issues or problems.

Despite the significant amount involved, Sun said that the lost ether represents a relatively small amount when compared to the $3 billion worth of assets held by its users. He also stated that the sum of the fund stolen equates to about two weeks worth of revenue for HTX.

“All funds are secure, and trading operations have continued as usual. We promptly addressed and resolved all issues, restoring the platform to its normal state without delay,” he added.

According to Arkham data, the hacked wallet seems to be one of HTX’s hot wallets, with it receiving about $500 million in deposits from Binance since its creation in March.

The HTX advisor continued by stating HTX willingness to offer 5% of the stolen amount ($400,000) to the hacker if he returns the stolen funds voluntarily. To further sweeten the deal, Sun added the opportunity to work with the exchange as a security white hat advisor.

However, Sun said the exchange will hand over the necessary information to the law enforcement authorities and request judicial punishment for the hacker if he fails to return the funds within 7 days.

The exchange’s native token, HT Token, is currently trading at $2.42 having slumped by 1.44% in the past 24-hours, according to data from Coinstats.

Huobi Rebrands to HTX

The attack comes less than two weeks after the exchange celebrated its 10th anniversary. On September 13, Huobi rebranded to HTX with a mission to expand its global roadmap by venturing into new markets while focusing on growth, profitability, and partnerships with various blockchain projects and stablecoin initiatives.

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