Categories: Scam Alert

HECO Chain Hack Occurs Causing $86 Million In Losses

Key Points:

HECO Chain, co-founded by Justin Sun, faces an $86 million security breach, detected by Cyvers Alerts.
Peckshield Alert notes a 10,145 ETH transfer, suggesting a compromised address.
HTX suspends transactions due to the HECO Chain hack, assures full compensation, and addresses the breach.

A substantial $86 million has been illicitly transferred from a HECO account to an undisclosed address, as reported by the on-chain security platform Cyvers Alerts.

HECO Chain Hack Occurs Causing $86 Million In Losses 2

HECO Chain Hack Confirmed With $86 Million Illicit Transfer Detected

HECO Chain, a collaboration between Tron and BitTorrent led by Justin Sun, witnessed this mysterious transfer, detected by Cyvers Alerts’ AI-powered system.

The stolen assets, detailed by BitJungle Monitor, encompass a variety of cryptocurrencies, including 346,994 TUSD, 42,399 LINK, 619,000 USDC, 173,200 UNI, 346.9 million SHIB, 489 HBTC, 42.11 million USDT, and 10,145 ETH. Peckshield Alert noted an additional 10,145 ETH transfer, suggesting a potential compromise of the operator’s address in the HECO Chain hack.

Justin Sun confirmed the compromise between HECO Chain and HTX in a recent statement, assuring users that HTX would fully compensate for losses incurred in the hot wallet. Deposits and withdrawals on the platform are temporarily suspended, emphasizing the platform’s commitment to securing the remaining funds during the investigation.

HTX Suspends Transactions and Pledges Full Compensation

The HTX Eco Chain (HECO) was successfully inaugurated on December 21, 2020, ushering in a new era of cross-chain functionality coupled with reduced gas fees. The HECO Chain hack follows a previous $8 million exploit of HTX in October, where hackers pilfered 500 ETH. Despite the breach, HTX emphasizes that all funds within the platform remain secure, and users can trust the implemented security measures.

The platform’s proactive suspension of deposits and withdrawals underscores its dedication to mitigating potential risks and protecting user assets during the ongoing investigation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.