HTX exchange Restoration Within 24 Hours After $30M Hack

HTX exchange, formerly recognized as Huobi Global, has declared its intention to reinstate deposits and withdrawals within 24 hours. That after encountering a $30 million exploit on November 22. Although initially reported at $13.6 million, the exploit’s value has since surged. In its official statement, the exchange assures users of complete compensation for the losses incurred during the attack. Emphasizing a 100% guarantee of the safety of user funds. HTX clarifies that the funds lost represent a minimal fraction of the platform’s total funds. Underscoring that the incident did not disrupt HTX’s normal operations.

Highlights:

1. HTX’s Swift Response: HTX (formerly Huobi Global) pledges to resume operations within 24 hours. That after a $30 million exploit, assuring users of full compensation and a 100% guarantee of fund safety.
2. Ongoing Security Challenges: The incident is the fourth hack in two months for HTX and related entities. With a notable $100 million exploit on Poloniex. Security concerns persist, prompting investigations led by Chinese blockchain entrepreneur Justin Sun.
3. Justin Sun’s Commitment: Sun states an ongoing investigation into the attacks and vows to identify causes. Expressing a commitment to resume services. A $10 million bounty for stolen funds’ return remains open.
4. HTX’s Year of Challenges: Despite rebranding to HTX in September, the exchange has faced significant security incidents. Including a $7.9 million hack in September and the recent exploits, raising questions about the overall security and stability of the platform.

Series of Cyber Attacks: Coordinated Assault on HTX exchange Eco Chain

This incident follows a coordinated attack on the HTX Eco Chain (HECO) bridge. Impacting HTX, Tron, and BitTorrent. Resulting in a $30 million hack to HTX’s exchange hot wallets and an $86.6 million attack on the HECO bridge. Notably, all these entities linked or effectively controlled by Chinese blockchain entrepreneur Justin Sun.

HTX, committed to preserving user assets and ensuring information security, declares its dedication to implementing necessary measures to prevent a recurrence of such incidents. Over the past two months, HTX and other Sun-affiliated entities have weathered four hacking incidents, with the most significant being the $100 million Poloniex exchange exploit on November 10, attributed to an apparent compromise of private keys.

Justin Sun’s Assurance and Bounty: Navigating Recent Hacks in the HTX exchange Ecosystem

Justin Sun acknowledges the ongoing investigation into the specific causes of the recent hacker attacks. He pledges to resume services once the investigation concludes and the cause identified. A $10 million white hat bounty for the return of stolen funds from the $100 million Poloniex exploit remains open.

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In the fourth hacking incident affecting the HTX ecosystem within two months, a $30 million loss occurred via a hot wallet hack on November 22. In a subsequent announcement on November 23, HTX pledges full compensation for the losses and a 100% guarantee of user fund safety, with services set to be restored within 24 hours. The previous day saw the exploitation of the HECO bridge for $86.6 million, with an ongoing investigation into the matter.

HTX’s Turbulent Year: Rebranding, Hacks, and Ongoing Reassurances

HTX, formerly Huobi Global, experienced a $7.9 million hack in September, followed by a $100 million hack against the Poloniex exchange in November. Justin Sun, the Chinese blockchain personality and effective owner of HTX, reassures users that all losses from the hot wallet will be fully compensated, and he temporarily suspends deposits and withdrawals. Despite undergoing rebranding to HTX in September, the exchange faced several significant incidents this year, including an alleged employee revolt, despite repeated reassurances from its executives about the exchange’s well-being.