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HTX loses $13.6 million due to hot wallet breach

HTX, formerly known as Huobi Global, suffered an estimated loss of $13.6 million on November 22. An $86.6 million exploit affecting the HECO Chain bridge.

Losses according to the report of Blockchain security company Cyvers derive from three hot wallets where exchange users and their assets were seized was traded to Ether (ETH) and then distributed to different Ethereum addresses. Cyvers, among other coins and tokens, 1,240 ETH, 7.3 million USDT (USDT), 1.78 million USD Money (US Dollar) and 62,200 LIN (CONNECTION).

Justin Sun, HTX’s de facto owner and founder of Tron and BitTorrent (related entities), said shortly after the exploit: “HTX will fully compensate for losses to HTX’s hot wallets. Deposits and withdrawals have been temporarily suspended. HTX’ “All funds are safe” and the community can be assured.”

Sharing a tweet about X — HE Justin Sun 孙宇晨 (@justinsuntron) 22 November 2023

HTX and Heco Cross-Chain Bridge were subjected to a hacker attack. HTX will fully compensate the losses of HTX hot wallets. Deposits and withdrawals have been temporarily suspended. All HTX funds are safe and the community can rest easy. We are investigating the specific reasons for the violation…

Earlier in the day, HECO Chain Bridge, an inter-chain bridge resulting from the 2020 merger of the Tron and BitTorrent ecosystems, was drained of $86.6 million due to an allegedly compromised blockchain operator.

In September, HTX was hacked for $8 million in another hot wallet attack. At the time, Sun said: “all user assets are SAFU and the platform operates completely normally”. The breach occurred less than a month later Rebranding from Huobi Global to HTXAs announced during Token2049 in Singapore.

Nansen data to show The wallets identified as belonging to HTX contain a total of $2.08 billion in user and corporate assets. Stock market in the last 24 hours registered Spot trading volume of $1.3 billion.

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