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HTX Hacker Makes Off With $8 Million

Over the past weekend, cryptocurrency platform HTX suffered a cyber attack leading to an $8 million loss in digital assets.

In a recent update on X (previously known as Twitter), HTX representative Justin Sun verified the incident, explaining that the intruder siphoned off 5,000 ETH, equivalent to roughly $8 million, from the platform.

Sun further comforted the user base, asserting that the exchange has compensated for the losses. He emphasized that all user deposits are safe and the platform continues to operate without disruptions.

The seasoned crypto professional pointed out that, in the grand scheme of things, the stolen amount is relatively minor compared to the platform’s overall finances.

“In perspective, the $8 million pilfered is a drop in the ocean when set against the $3 billion in assets our user base holds. Moreover, this stolen amount equates to merely two weeks’ earnings for the HTX platform,” he stated.

He further reinforced the platform’s stability, saying, “Despite this setback, every single penny is safeguarded, and the exchange’s operations have resumed smoothly. We swiftly tackled and rectified the issues, ensuring the platform’s swift return to its regular functioning.”

Sun Offers 5% Bounty in Return for Stolen Funds

On the platform X, Sun issued a distinct proposition to the individual behind the cyber-attack.

The crypto leader has put forth a 5% reward for the restitution of the purloined assets and has even dangled the prospect of a job position at the exchange.

Sun mentioned, “Should the hacker make amends by returning the assets, we’re open to bringing them onboard as a white hat security consultant for HTX.”

Yet, he didn’t hold back on a stern caveat: if the funds aren’t returned within a week, the matter will be escalated to legal authorities.

DeFiLlama data reveals that post-incident, HTX (previously recognized as Huobi) experienced an exodus of around $10 million. However, the exchange retains $2.73 million in client deposits.

Interestingly, the breach flew under the radar until Cyvers Alerts, a security company, highlighted the event with a post at 9:35 am ET on Sunday.

A mere hour after this disclosure, Justin Sun acknowledged the security lapse.

In a subsequent development, an account identified as an HTX hot wallet by Nansen communicated with the perpetrator on Monday morning, transmitting messages in both English and simplified Chinese.

The communications from the exchange indicated that they had successfully discerned the hacker’s real identity and urged them to redirect the stolen funds to a designated address.

In a bid to entice the hacker, the exchange proffered a 5% “white hat” reward for the restitution of the assets. This offer stands until October 2, 2023.

In the wake of this event, Tron’s inherent currency, TRX, remained relatively stable, currently hovering around a value of $0.084921, showing minimal fluctuation over the last 24 hours.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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