Two cryptocurrency platforms affiliated with entrepreneur Justin Sun have experienced hacking incidents, resulting in an estimated total loss of $115 million. The HTX digital currency exchange, formerly known as Huobi, saw hackers draining approximately $30 million worth of cryptocurrencies, while the Heco Chain, a blockchain bridge associated with Sun, also suffered an attack.
The Heco Chain breach, assessed by CryptoQuant, amounted to $85.4 million in stolen cryptocurrency, primarily denominated in stablecoin USDT and ether. HTX has taken precautionary measures, temporarily suspending deposit and withdrawal services and committing to fully compensate users for losses incurred in the hot wallet attack.
Justin Sun, an investor in HTX and linked to the Heco Chain, confirmed the hacking incidents. Blockchain bridges like Heco Chain, designed to facilitate fast cryptocurrency swaps between different networks, have proven vulnerable to hacking.
CryptoQuant data revealed that approximately 11,100 ether tokens, valued at around $23 million, were moved from the HTX exchange in the aftermath of the hack. Analysts noted that the stolen assets were being converted into the more liquid ether because stablecoins like USDT and USDC can be frozen.
The HTX hack follows another security incident involving an exchange backed by Justin Sun, Poloniex, which experienced a hack resulting in the theft of $100 million worth of cryptocurrencies earlier this month. HTX has initiated investigations to identify the source of the attack and implemented urgent measures to protect user assets.
The company has assured users of full compensation for losses and remains committed to bolstering security measures in response to the evolving cyber threat landscape within the cryptocurrency domain.
Reference:
- $115 million stolen from two crypto firms linked to Justin Sun after hack
- HTX and Heco Cross-Chain Bridge Undergo Hacker Attack
