Seychelles-based cryptocurrency exchange HTX (formerly Huobi) has fallen victim to a hacker, resulting in a loss of $7.9 million worth of Ethereum (ETH). The incident came to light through on-chain data analysis.
The exchange has already taken action and identified the individual responsible for the attack. HTX is now demanding a return of the stolen funds, with the threat of legal consequences looming over the perpetrator.
According to blockchain security firm Peckshield, a total of 4,999 ETH (equivalent to $7,866,926.30) was transferred out of Huobi’s wallet on Sunday at approximately 10:00 am UTC. This confirmed the occurrence of a hack.
Tron founder and Huobi advisor, Justin Sun, confirmed the hack on Monday. He shared the hacker’s addresses, which can be found [here](https://etherscan.io/address/0xdb1D74467c9042517A354304256E0d658D8AEC83) and [here](https://etherscan.io/address/0x799982b75Ba538F211871cBa50Fa1A42ADa9ab5E), on his Twitter account.
To alleviate concerns, Sun assured the public that all losses have been fully compensated by the exchange and that all related issues have been resolved. Additionally, he mentioned that HTX holds a total of $3 billion worth of assets for its clients, implying that the hacker’s gains are relatively insignificant. In fact, the losses incurred by Huobi account for only two weeks’ worth of the exchange’s revenue.
In an effort to recover the stolen funds, HTX provided the hacker with an address through a blockchain-based message. The exchange has given the hacker one week to return all the funds. As an incentive, HTX offered a 5% white hat bonus. However, if the hacker fails to comply within the given timeframe, the exchange will involve law enforcement.
It is important to note that these events highlight the ongoing need for robust security measures within the cryptocurrency industry. The heightened interest and value of digital assets have made exchanges attractive targets for hackers seeking financial gain.
This incident serves as a reminder that even exchanges with extensive security measures in place can face vulnerabilities. Strengthening security protocols and investing in advanced technologies to protect user funds should remain a top priority for all players in the cryptocurrency ecosystem.
(Source: Blockchain security firm Peckshield)
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I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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