HTX Plans To Resume Services Within 24 Hours After Massive Hack

HTX Plans To Resume Services Within 24 Hours After Massive Hack

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HTX, formerly known as Huobi Global, plans to resume its services within 24 hours following a massive hack that saw the exchange lose an estimated $30 million. 

HTX has assured full compensation to users for their losses and promised to implement heightened security features to prevent future hacks. 

HTX Intends To Resume Service Within 24 Hours

Cryptocurrency exchange HTX has announced its plans to resume services within 24 hours in a swift response to the significant breach it suffered. The exchange stated that deposit and withdrawal services will be up and running within 24 hours. The exchange also promised to fully compensate users impacted by the hack and guaranteed the safety of user funds. 

“HTX is set to resume deposit and withdrawal services within the next 24 hours. The exact timing for the resumption will be notified through a separate announcement. We reiterate our commitment to fully compensate users for the losses incurred by the incident and ensure the complete security of user assets. The amount of assets lost is minimal compared to the total platform funds. We want to assure you that the regular operations of HTX will remain unaffected by this incident.”

The hack occurred on the 22nd of November, during which the exchange’s hot wallets were compromised, allowing the hacker to drain $13.6 million. This figure later rose to $30 million as further details about the hack emerged. The hack was part of a larger operation by hackers against the HTX Eco (HECO) Chain bridge, which also has other entities such as Tron and BitTorrent. All the platforms impacted by the hack are linked to prominent blockchain entrepreneur Justin Sun. 

HTX stated that protecting user assets and information is the exchange’s top priority, and the exchange would take measures to prevent such an incident from repeating itself. 

A Proactive Approach 

Following the hack, Justin Sun has taken a proactive approach to soothe a rattled user base. Sun stated that an investigation into the hack is underway to determine the root cause of the exploit. Sun has also offered the hacker a $10 million white hat bounty to return the stolen funds from the Poloniex hack, highlighting the aggressive stance taken against cybercrime in crypto. 

“We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”

HTX’s response could serve as a blueprint to manage hacks and other crises in an evolving and often unpredictable crypto ecosystem. The hack also serves as a reminder of the importance of stringent security measures. 

Sun-Linked Poloniex Hacked As Well

Over the past couple of months, HTX and other entities linked to Justin Sun have been hacked four times. The largest of these hacks was the Poloniex exchange exploit, which saw the hacker steal $100 million from the exchange. The attack occurred on the 10th of November and was caused by a private key compromise. According to the available data at the time of the hack, multiple wallets across several blockchains were targeted. Sun has offered the hacker a $10 million white hat bounty to return the stolen funds. 

“We are currently investigating the Poloniex hack incident. Poloniex maintains a healthy financial position and will fully reimburse the affected funds. Additionally, we are exploring opportunities for collaboration with other exchanges to facilitate the recovery of these funds.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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