Cryptocurrency exchange platform HTX, has suffered a cyberattack resulting in an estimated theft of over $85 million. Justin Sun reassures that the incident will have no significant impact on HTX’s ongoing operations. However, the precise details and underlying causes of this security vulnerability remain unclear at this stage.
HTX suffers hack exceeding $85 million
The HTX crypto-exchange and Heco Chain blockchain protocol were hit by a major attack on Wednesday, with an estimated $85 million-plus stolen. The initial alert was triggered by a suspicious transaction involving over 10,000 Ethers (ETH), signalling potentially fraudulent activity.
Shortly afterwards, Justin Sun confirmed the incident in a posting on X, also assuring that HTX would cover all losses resulting from the attack. In immediate response, and in order to prevent further potential losses as well as to avoid a panic, HTX has temporarily suspended all withdrawals and deposits on their platform.
HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker…
– H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023
“We are conducting a thorough investigation to determine the exact causes of this cyber attack. Operations will resume as soon as the investigation is complete and the source of the problem has been identified. “
The first signs of the attack were spotted by blockchain security company Cyver, which detected abnormal transfers already amounting to $85 million. According to a message sent to CoinDesk by Cyver, the attack could result from a leak of private keys, giving the attackers access to the Heco bridge.
For the record, Heco is the bridge set up by HTX enabling its users to transfer their tokens between the Heco Chain and Ethereum.
This attack is not without precedent for HTX, which had already suffered an $8 million theft last September, involving the misappropriation of 500 ETH. Fortunately, the stolen funds were recovered and all losses had been fully reimbursed shortly after the incident.
While Justin Sun assures that HTX will fully reimburse users affected by this attack, questions remain about the exchange’s ability to honor its security promise, especially given the scale of the losses. This incident also raises critical questions about the security of the platform and its vulnerability to future attacks.
