Scam Alert

HECO Chain Bridge Exploit Causes $13.6 Million In Damage To HTX

Key Points:

HTX, formerly Huobi Global, suffered a $13.6 million loss in an $86.6 million HECO Chain bridge exploit on Nov. 22.
The attack targeted various assets, including 1,240 ETH, 7.3 million USDT, 1.78 million USDC, and 62,200 LINK.

HTX, formerly known as Huobi Global, has encountered a significant setback, suffering an estimated loss of $13.6 million in the wake of an $86.6 million HECO Chain bridge exploit that occurred on November 22.

HECO Chain Bridge Exploit Causes $13.6 Million In Damage To HTX 2

HTX Faces $13.6 Million Loss in HECO Chain Bridge Exploit

According to a report by blockchain security firm Cyvers, the losses are attributed to three compromised hot wallets, with assets from both users and the exchange being exchanged for Ether and subsequently distributed to various Ethereum addresses.

The HECO Chain bridge exploit targeted a range of coins and tokens, including 1,240 ETH, 7.3 million USDT, 1.78 million USDC, and 62,200 LINK. Among the affected wallets, one with an address starting with 0x6b contained 4.25 million KOK and 2.19 million ARIX.

Justin Sun Reassures Compensation Amidst Crypto Drains

HTX, owned by Justin Sun, who is also the founder of Tron and BitTorrent, reassured the community, stating that “HTX will fully compensate for HTX’s hot wallet losses.” In response to the HECO Chain bridge exploit, deposits and withdrawals have been temporarily suspended, although Sun emphasized that all funds in HTX are secure.

This incident follows a previous hack in September, where HTX suffered an $8 million loss in another hot wallet exploit. At that time, Sun assured users that all assets were secure and that the platform was operating normally.

Despite the challenges, Sun highlighted that the loss was relatively small compared to the $3 billion worth of assets held by users, representing just two weeks’ worth of the platform’s revenue.

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.