HTX Faces Fourth Hack in Two Months, Losing $30M

2023/11/24 10:02

The platform experienced its fourth hack in just two months, resulting in a loss of $13.6 million from a hot wallet breach on Nov. 22.

The exchange swiftly addressed the incident in a Nov. 23 statement, pledging to "fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds."

Additionally, they committed to restoring services within 24 hours. This follows a prior attack on the HTX Eco Chain (HECO) bridge, where $86.6 million was exploited, with an ongoing investigation.

September saw the first hack on HTX, amounting to $7.9 million.

Subsequently, in November, the related entity Poloniex fell victim to a $100 million hack.

Justin Sun, the Chinese blockchain personality and de-facto owner of HTX, reassured users by stating, "HTX Will Fully Compensate for HTX' hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure."

HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX's hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023

Despite the rebranding of Huobi to HTX during the Token 2049 event in September, the exchange faced a series of challenges this year, including an alleged employee revolt. Executives maintain that the platform is secure, but incidents like these raise concerns about its resilience.

Security Concerns Persist

Amidst reassurances from HTX executives, the recurrent security breaches this year, including the recent $30 million loss, cast a shadow over the exchange's stability.

An investigation is underway regarding the latest hack on the HTX Eco Chain (HECO) bridge, where $86.6 million was exploited. The outcome of this investigation may provide insights into the vulnerabilities exploited by hackers.

Rebranding Amidst Challenges

Despite a rebranding effort to HTX in September, the exchange continues to face significant challenges. An alleged employee revolt earlier in the year added to the series of incidents, raising questions about the internal stability of the platform.

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