On November 22, 2023, Huobi HTX, previously known as Huobi Global, experienced a serious security breach. The attack caused significant losses, initially estimated at $13.6 million, but later valued at approximately $30 million. This incident is yet another in a series of cybersecurity issues facing businesses. cryptocurrency exchange and related platforms.
Following the attack, Huobi HTX issued a statement reassuring users about the security of their funds. The exchange pledged to fully compensate for losses incurred due to the attack and emphasized its commitment to the safety of user funds. Despite the significant losses, HTX said the incident had minimal impact on the overall financial health of the platform and would not impact normal operations.
Huobi HTX announced plans to resume deposit and withdrawal services within 24 hours after the incident. In line with its commitment to security, HTX emphasizes the importance of protecting user assets and information. This exchange ensured the implementation of all necessary measures to prevent such incidents in the future.
This incident is part of a larger pattern of security breaches affecting platforms associated with or managed by Chinese entrepreneur Justin Sun. In particular, the HTX Echo (HECO) chain bridge, which includes the HTX, Tron, and BitTorrent cryptocurrencies, suffered a loss of $86.6 million in a separate attack. In total, HTX and other Sun-related companies have faced four hacks in the past two months, raising concerns about the robustness of their security measures.
The most notable recent attack targeted the Poloniex exchange on November 10, resulting from an alleged private key compromise. The incident resulted in $100 million in losses and led to an ongoing investigation to determine the root cause. A $10 million white hat reward is currently being offered to return funds stolen in the Poloniex exploit.
Justin Sun has publicly addressed these incidents, emphasizing ongoing investigations to understand the cause of these hacks. He assured that services would be restored once the investigation is complete and the vulnerabilities are addressed.
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