HTX’s Justin Sun Offers Measures After $8 Million ETH Hack

Key Points:

• HTX Global (formerly Huobi) was hit by an $8 million hack, losing 5,000 ETH. HTX’s Justin Sun announces security measures, including a SAFU fund.
• Sun reassures users, highlighting robust security systems and ongoing updates.
• Stolen funds amount to a fraction of user assets; this incident follows HTX’s rebranding and expansion efforts.

In a recent cyber incident, cryptocurrency exchange HTX Global (formerly known as Huobi) fell victim to a hack that resulted in the loss of 5,000 ETH, valued at approximately $8 million.

HTX’s Justin Sun Takes Action After The Hack

In response to this security breach, HTX’s Justin Sun unveiled a series of measures aimed at mitigating the impact and enhancing the platform’s security protocols.

Sun, a prominent figure in the crypto industry, reassured users of HTX‘s commitment to safeguarding their assets. He announced the creation of a Safety Asset Fund for Users (SAFU) to better prepare for potential future losses. He also divulged plans to host a Twitter Space session to engage with the community and discuss the exchange’s security measures. HTX’s Justin Sun emphasized:

“Our multi-backup, multi-signature cold wallet system ensures 100% security. Security is an ongoing commitment, and we will continually update and iterate on security measures to ensure that our users’ assets remain the safest in the industry.”

HTX Global Rebrands Amidst Security Challenge

This incident unfolded shortly after Huobi’s rebranding to HTX, a move aimed at fostering user adoption and expanding its reach by acquiring licenses in various jurisdictions. The crypto industry continues to face security challenges, with recent notable hacks including a $40 million Bitcoin breach attributed to North Korea’s Lazarus Group and a $200 million crypto asset hack on Mixin Network.

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