HTX Exchange $13.6M Lost In Hot Wallet Hack: Report

HTX, formerly Hubei Global, suffered a $13.6 million loss on the $86.6 million HECO chain bridge on Nov. 22.

According to a report by blockchain security firm Syverse, the breach stems from three wallets that collided with users and exchange assets converted to Ether were distributed to different Ethereum addresses. Among other coins and tokens, Syvers claimed to have taken 1,240 Ether (ETH), 7.3 million Tether (USDT), 1.78 million US Dollar Coin (USDC) and 62,200 Chainlink (LINK) during the attack.

Justin Sun, de-facto owner of HTX and founder of Tron and BitTorrent, said shortly after the exploit, “HTX will fully compensate for the loss of HTX Hot Wallet. Deposits and withdrawals are temporarily suspended. All funds in HTX are safe. And the community can rest assured.” .”

Earlier in 2020, the HECO chain bridge, created by the merger of the Tron and BitThorn ecosystems, invested $86.6 million as a blockchain operator.

In September, HTX was hacked for $8 million in another hot wallet exploit. At the time, Sun also said, “All user assets are SAFU and the platform is operating completely normally.” According to Token2049 in Singapore, this hack took place less than a month after Huobi Global switched to HTX.

Nansen data shows that wallets identified as HTX assets hold $2.08 billion in user and enterprise assets. In the last 24 hours, the exchange had a spot trading volume of $1.3 billion.

HTX and Heco Cross Chain Bridge were hacked. HTX will fully compensate for the loss of HTX Hot Wallet. Deposits and withdrawals are temporarily suspended. All funds in HTX are safe, and the community can rest assured. We are investigating the hacker's specific motives…

— HE Justin Sun Sun Yuchen (@justinsuntron) November 22, 2023

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