Justin Sun Addresses HTX Customers After $8M Hack: Measures Taken to Protect User Assets

Read about Justin Sun's address to HTX customers after an $8 million hack, outlining measures taken to protect user assets and ensure their safety.

Posted 6 months ago in Security


Justin Sun Addresses HTX Customers After $8M Hack: Measures Taken to Protect User Assets

In a recent live broadcast, HTX exchange’s Justin Sun addressed the community following an $8 million hack. The talk, titled ‘Talk to Justin Sun about Crypto Safety Issues,’ emphasized the sanctity of user assets. Sun detailed the actions taken by HTX to mitigate the hack’s impact and protect user assets.

Justin Sun Breaks Down HTX Hack

The cyberattack, detected on September 24, 2023, triggered an immediate response from HTX. They promptly changed the hot wallet address, set up a real-time monitoring mechanism, and established the SAFU fund, similar to that of Binance. These measures, Sun noted, ensured the protection of user assets and information, with most issues resolved within 24 hours post-attack. HTX fully covered the losses from the hack, ensuring no financial detriment to its users. The exchange even proposed a 5% white-hat incentive, amounting to $400,000, urging the hacker to return the stolen funds.

Reassessing Crypto Exchange Security Measures

In the aftermath of the attack, HTX claims to be working with professional security teams, blockchain institutions, and major exchanges like Binance to trace the hacker and the stolen funds. While specifics of the ongoing investigation remain undisclosed, HTX commits to ensuring the hacker faces legal consequences if the funds aren’t returned. Sun also addressed rumors of the incident being a marketing stunt for the exchange’s recent rebranding, dismissing such claims outright. He affirmed that HTX’s commitment to security and the sanctity of user assets would never allow exploiting a security incident as a marketing ploy.

The hack has prompted HTX to reassess and enhance its security measures. The exchange also plans to introduce more security tools and technologies, collaborate with leading security audit firms, and implement additional security updates. Sun emphasized, “Past experiences have taught us that security is an ongoing race, where we must continually adopt measures to ensure the security of user assets and fortify our security defense.” The hack, while a significant setback, has reinforced HTX’s commitment to user asset safety, with Sun reiterating, “Security is an eternal concern, and we will always prioritize the safety of user assets.”

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

Last updated 9/28/2023, 10:17:19 AM

0
0
Flag
12 Views
d170e2b0-44f8-4a0b-8151-f5db27a8d93f

Related Articles


Related Questions

News Letter

Subscribe to the CryptoCat.ai newsletter to stay updated with the latest cryptocurrency news, insightful articles, market trends, and more – delivered directly to your inbox!




Twitter

Is email too old school? Well you can get your news directly on twitter just by following us

https://cryptocat.ai