The hacker who exploited the HTX (formerly Huobi) crypto exchange last month, causing the theft of nearly 5,000 ETH, has returned the stolen funds. HTX advisor Justin Sun confirmed the recovery, announcing that the exchange has rewarded the hacker with a “whitehat bonus” of 250 ETH, equivalent to approximately $400,000.
HTX Recovers Stolen Funds
The attacker exploited a security vulnerability on the HTX platform, resulting in an $8M heist. The impact sent shockwaves across the crypto industry, and the event fell among many other hacks throughout the third quarter of 2023. But now, the exchange reclaims its lost funds and avoids a large-scale disaster.
“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. $8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue.”
Justin Sun via Twitter
And after HTX recovered the stolen funds, Justin Sun returned to Twitter to say this:
“We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hack a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help”
Justin Sun via Twitter
Also Read: CoinEx Hack: Exchange Offers “Generous Bounty” to Hackers
A Rampant Third Quarter for Crypto Hacks
Hackers have had a field day this year, with multiple attacks taking place in the third quarter alone. The incidents highlight the importance of reinforcing security measures for various cryptocurrency services. However, the HTX hacker’s action of returning the stolen funds offers a silver lining amidst the industry’s crisis.
Also Read: FTX’s Hacker on the Move: 15,000 ETH Transacted
The HTX hacker’s decision to return the stolen funds marks an unusual update in the crypto world. By offering a 250 ETH whitehat bonus, HTX demonstrates a commitment to platform security. They also show that they encourage a collaborative relationship with ethical hackers. Acknowledging the potential of whitehat hackers emphasizes the importance of transparency and collaboration in creating a secure environment for cryptocurrency users and developing a healthier industry as a whole.
As more cyber attacks target the cryptocurrency sector, it’s vital to prioritize security measures and reward ethical hacking practices. The future of the industry depends on it.
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