HTX (formerly Huobi Global) to Resume Operations Within 24 Hours After $13.6M Hack

Crypto exchange HTX, previously known as Huobi Global, has swiftly responded to a security breach that occurred on November 22, during which approximately $13.6 million was exploited from the exchange’s hot wallets. The incident is part of a larger, coordinated attack on the HTX Eco (HECO) Chain bridge, implicating HTX, Tron (TRX), and BitTorrent (BTT) in the security compromise. Notably, these entities are associated with Chinese blockchain entrepreneur Justin Sun.

In an official announcement, HTX assured its users that it would resume normal operations, including deposits and withdrawals, within 24 hours of the incident. The exchange expressed its commitment to fully compensate users for the losses incurred during the attack and pledged a 100% guarantee of the safety of user funds.

The hack on Huobi marks the fourth security incident involving HTX and Justin Sun-linked entities in the past two months. The largest of these attacks occurred on November 10 when Poloniex, acquired by Justin Sun in 2018, suffered a $100 million exploit. Security analysts speculate that the Poloniex incident may have resulted from compromised private keys.

Justin Sun stated that investigations are underway to determine the specific reasons behind the recent hacking attempts. Once the investigation is complete, the exchange aims to identify the root causes and implement enhanced security measures to prevent similar incidents in the future.

Huobi’s proactive response to compensate users and its commitment to strengthening security protocols reflect the growing importance of robust cybersecurity measures within the cryptocurrency industry. The exchange industry continues to face evolving threats, necessitating a heightened focus on safeguarding user assets and maintaining trust within the crypto community.

Despite these security challenges, the broader crypto ecosystem remains dynamic, with ongoing developments, regulatory advancements, and innovations shaping the landscape. As the industry navigates through security challenges, stakeholders are closely observing how exchanges and platforms respond to incidents to fortify the resilience of the overall crypto infrastructure.

By Habib Rahman

My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.

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