HTX Crypto Exchange Resumes Operations After $30 Million Exploit

2023/11/27 16:34

HTX Resumes After $30M Exploit

Bitcoin deposits and withdrawals have been reinstated on the HTX crypto exchange, formerly known as Huobi, following a $30 million exploit on 22 November.

In a blog post on 26 November, HTX announced the restoration of deposit and withdrawal functionality for multiple currencies, including BTC, Ether, Tron, and Tether.

Justin Sun, associated with HTX, stated on X (formerly known as Twitter) that the exchange aims to gradually resume functionality for remaining cryptocurrencies:

#Bitcoin (#BTC) deposits and withdrawals have now been fully reinstated on @HTX_Global. As of now, all major currencies including BTC, ETH, TRX, and USDT are available for complete deposit and withdrawal functionality on HTX.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 26, 2023

The recent $30 million exploit marked one of the four hacks within half as many months on crypto platforms linked to or controlled by Justin Sun.

HTX swiftly addressed the security incident, enabling the return of deposit and withdrawal services for several major cryptocurrencies.

Justin Sun expressed the exchange's commitment to gradually restoring functionality for all remaining cryptocurrencies, demonstrating a proactive response to the exploit.

The timeline for completing this process is anticipated to be within the coming week.

Hacks on Justin Sun Linked Platforms

HTX's $30 million exploit is part of a series of security breaches on platforms linked to Justin Sun.

The HTX Eco (HECO) Chain bridge, which includes HTX, Tron, and BitTorrent, was attacked for $86.6 million on the same day as HTX.

HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. 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. We are investigating the specific reasons for the hacker…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023

Additionally, Poloniex, owned by Justin Sun, suffered a $100 million attack on 10 November.

We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 10, 2023

The recurring incidents raise concerns about the security infrastructure of platforms associated with Justin Sun.

The crypto ecosystem controlled or linked to Justin Sun has faced persistent security challenges.

The $30 million exploit on HTX, coupled with previous attacks on Poloniex and the HECO Chain bridge, highlights vulnerabilities within this network.

The need for robust security measures and enhanced protection of private keys becomes crucial in mitigating the risk of such incidents.

HTX's History of Security Incidents

This recent exploit is not the first security incident for HTX.

On 24 September, shortly after the rebranding from Huobi to HTX, an attacker stole nearly $8 million in crypto from the exchange's hot wallet.

HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack. 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.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 25, 2023

The recurrence of security breaches underscores the importance of continuous efforts to fortify the security infrastructure of the platform.

Despite that, HTX's prompt recovery and resumption of operations following the $30 million exploit demonstrate its commitment to addressing security challenges.

However, the string of security incidents across Sun-linked platforms emphasizes the ongoing need for heightened security measures in the broader crypto ecosystem.

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HTX Crypto Exchange Resumes Operations After $30 Million Exploit

HTX Resumes After $30M Exploit

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