HTX Exchange Loses $8 Million in Hack: Justin Sun Assures Users

HTX Exchange, formerly known as Huobi, has fallen victim to an $8 million hack, resulting in the loss of 5,000 Ethereum tokens. Justin Sun has assured users that the platform has resolved the issue and covered the losses. Read more to learn about the recent breach.

Posted 6 months ago in Security

Image of a hacker with a laptop stealing virtual currency

HTX exchange, recently rebranded from Huobi, has lost $8 million in a hack, with 5,000 Ethereum tokens siphoned off. Justin Sun assured users that the platform has covered the losses.

HTX exchange has suffered an $8 million breach with hackers siphoning off nearly 5,000 Ethereum (ETH). While the hacks are rampant in the crypto ecosystem, Justin Sun’s HTX exchange has become the latest target.

Justin Sun Assures Users

Justin Sun took to X (Twitter) to inform the community about the hack on Sept. 24. He assured users that the funds were safe and wrote: “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.”

Moreover, Sun claimed that the amount is relatively smaller than the total assets HTX users held. He boldly stated that the amount is equivalent to “just two weeks’ revenue for the HTX platform.”

While the hack happened on Sunday, users were not informed about it immediately. Sun’s posts on X only came after the blockchain security alert platform Cyvers Alerts informed users about the incident. Cyvers Alerts claimed it received no response from HTX despite its attempts to reach out.

Changpeng Zhao Makes Fun of Rebranding

Some community members have highlighted that the hack happened days after Huobi rebranded to HTX. A community member wrote: “I’m sorry but renaming Huobi to HTX and then immediately losing millions of dollars is so funny that I might have a stroke.”

Even Changpeng Zhao, the CEO of Binance, joined the community in joking about the rebranding. He posted on X: “A week after you rename your exchange after FTX… Jokes aside, our security team will help in tracking hacker funds in all cases where we can.”

There have been various large hacking incidents targeting crypto platforms this month. Earlier on Monday, BeInCrypto reported that hackers stole over $200 million from the high throughput blockchain platform Mixin Network. The incident is considered to be the largest hack of 2023. Before that, on Sept. 20, hackers drained $27 million from the crypto exchange CoinEx.

Do you have anything to say about the HTX hack or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter). For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Last updated 9/25/2023, 9:05:49 PM


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