Thursday, July 25, 2024

Justin Sun, the initiator of the Tron blockchain and an advisor to HTX Exchange, revealed on social media platform X this past Monday that HTX had been compromised. “The exchange has incurred a loss of 5,000 Ethereum, equivalent to $8 million USD, due to a cyber-attack,” stated Sun. “HTX has entirely absorbed the financial damages from the attack and has efficiently rectified all associated issues. The assets of all users are secure, and the platform’s functionality remains unaffected.”

Sun also provided details about the Ethereum addresses linked to the perpetrator, specifically mentioning “0xdb1” and “0x799.” Currently, assets worth around $6.3 million are housed in the “0xdb1” address. Sun elaborated, saying, “$8 million is a relatively modest amount when compared to the $3 billion in assets owned by our users. The sum also equates to merely two weeks of revenue for the HTX platform.”

Continuing his statement, the Tron founder informed:

The illicit activity was promptly identified right after its occurrence yesterday at 6 pm SGT on September 24, 2023, and immediate measures were enacted to mitigate any further loss. Consequently, all assets are safeguarded, and trading activities persist without interruption. All emerging issues were expeditiously addressed, re-establishing the platform’s usual operational status without any delays.

Sun disclosed that HTX is offering a white-hat incentive, which is 5% of the stolen funds—amounting to $400,000—to entice the attacker to return the stolen Ethereum. Should the funds be returned, Sun indicated that the individual might be considered for a role as a security consultant for the exchange. Nevertheless, if the stolen funds are not restored within a seven-day period, HTX intends to hand over the pertinent information to law enforcement agencies, possibly paving the way for legal proceedings against the individual responsible for the hack.

In related news, the decentralized exchange platform Mixin recently suffered a significant security breach, resulting in an astronomical loss of $200 million in various cryptocurrency assets.

We invite you to share your perspectives and thoughts on the HTX security breach in the comments section that follows.

Frequently Asked Questions (FAQs) about HTX Exchange Security Breach

What happened at HTX Exchange?

Justin Sun, the founder of Tron and an advisor to HTX Exchange, announced on a social media platform that HTX Exchange suffered a security breach. The cyber-attack led to a loss of 5,000 Ethereum, equivalent to $8 million USD.

Who made the announcement about the HTX Exchange hack?

Justin Sun, who is the founder of Tron and also serves as an advisor to HTX Exchange, made the announcement.

Are the users’ assets safe on the HTX Exchange?

According to Justin Sun, all user assets are secure despite the breach. HTX has fully covered the losses incurred from the attack, and trading on the platform continues without disruption.

What actions were taken by HTX Exchange following the breach?

Justin Sun stated that immediate action was taken to prevent any further loss. All related issues were swiftly resolved, and the platform was restored to its normal operational status without delay.

Is there a reward for recovering the stolen assets?

Yes, HTX Exchange is offering a white-hat incentive of 5% of the stolen amount, which equates to $400,000, for the return of the stolen Ethereum.

What will happen if the stolen funds are not returned?

If the stolen funds are not returned within a seven-day period, HTX Exchange will turn over the information to law enforcement, potentially leading to legal action against the hacker responsible for the breach.

How significant is the loss for HTX Exchange?

Justin Sun mentioned that the $8 million loss is relatively modest compared to the $3 billion worth of assets held by users on the platform. The loss also amounts to just two weeks of revenue for HTX Exchange.

Were there other recent similar incidents?

Yes, the decentralized exchange platform Mixin recently fell victim to a significant security breach, resulting in a staggering loss of $200 million in cryptocurrency assets.

More about HTX Exchange Security Breach

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10 comments

CryptoGuru87 September 26, 2023 - 1:01 am

Surprised this isn’t affecting the TRX price more. Guess the crypto market is becoming more resilient to such news?

Reply
CryptoQueen September 26, 2023 - 3:06 am

8 mil is small? wow, talk about perspective. that’s a lifetime of earnings for most ppl.

Reply
Steve_W September 26, 2023 - 6:28 am

Just another day in crypto, am I right? Hacks here, hacks there. Its like a wild west out there.

Reply
Emily_R September 26, 2023 - 8:47 am

If they’re offering 400k as a white-hat incentive, they must be really desperate to get that money back. Just shows the high stakes in the crypto world.

Reply
Tony_BlockLover September 26, 2023 - 9:54 am

Justin Sun always in the limelight, huh? good or bad. The guy’s a marketing genius. But I hope they catch that hacker soon.

Reply
MikeJCrypto September 26, 2023 - 3:32 pm

Whoa, this is huge news! But it’s kind of a relief to know that HTX covered all the losses. Props to them for handling it well.

Reply
JohnDoe123 September 26, 2023 - 4:27 pm

so they detected the hack immediately but still lost 8 mil? sounds sketchy to me.

Reply
Linda_Investor September 26, 2023 - 8:21 pm

Anyone else thinking twice about putting their assets in exchanges after this? Seriously considering cold storage right now.

Reply
Mark_Analyst September 26, 2023 - 8:52 pm

This incident highlights the need for advanced security measures in the crypto space. Let’s hope they catch the hacker and plug the security holes.

Reply
SarahFinTech September 26, 2023 - 11:40 pm

How can we trust these exchanges? 8 mill is not pocket change! Even if they covered it, it shows vulnerability.

Reply

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