Thursday, February 22, 2024
HomeBTCHTX Resumes Bitcoin Operations After $30 Million Hack

HTX Resumes Bitcoin Operations After $30 Million Hack

Bitcoin deposits and withdrawals have resumed on HTX, the crypto exchange linked to entrepreneur Justin Sun, after a $30 million exploit that occurred on November 22. In an official blog post on November 26, HTX announced the restoration of deposit and withdrawal functionalities for various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tron (TRX), and Tether (USDT).

Justin Sun, the founder, later provided updates on X (formerly Twitter), stating that HTX intends to gradually reinstate functionality for the remaining cryptocurrencies affected by the exploit. He expressed confidence in completing this process “by next week.”

The recent attack saw HTX’s exchange hot wallets being drained of $30 million, marking the fourth security breach on platforms associated with or controlled by Justin Sun within two months. The HTX Eco Chain bridge, or HECO Chain, encompassing HTX, Tron, and BitTorrent — all entities linked to or controlled by Sun — also fell victim to a hack on the same day, resulting in an $86.6 million loss.

This incident adds to a series of security breaches within the Sun-owned ecosystem. Notably, on November 10, Sun’s crypto exchange Poloniex experienced a $100 million attack, as reported by blockchain security firm CertiK, who suggested a likely cause to be a compromise of private keys.

The tumultuous security environment for platforms associated with Justin Sun began on September 24 when, shortly after Huobi rebranded to HTX, an attacker pilfered nearly $8 million in crypto from the exchange’s hot wallet.

Despite these challenges, HTX, formerly known as Huobi, remains committed to restoring its services and fortifying its security measures to safeguard user assets. The crypto community is closely monitoring the situation as the exchange works to regain stability and trust.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

5 × 1 =

- Advertisment -

Most Popular