Justin Sun- Associated HTX Resumes Service Following $30 M Hack 

• 1 HTX, earlier known as Huobi, restarted its services following the recent loss of $30 million.
• 2 The exchange resumed trading of top assets including Bitcoin, Ethereum, Tron, and Tether.
• 3 Hackers succeeded in wiping $290 Million of crypto assets from the market in November 2023: Lookonchain.

HTX, formerly known as Huobi, has restarted its services following the recent security breach resulting in a loss of $30 Million. On November 22, 2023, hackers succeeded in targeting hot wallets and wiping out users’ funds.

Following the recent halting of its services, it resumed its services of top assets like Bitcoin, Ethereum, Tron, and Tether, remaining assets might get reinstatements by the end of the ongoing week.

The hack was followed by two recent attacks on Justin Sun-affiliate platforms. Earlier this month one of the leading cryptocurrency platforms lost $118 Million in a breach. Moreover, HTX lost $8 Million after its rebranding from Huboi at the end of September.

A series of data breaches has troubled the crypto-related companies on the verge, which raises a severe concern over the legitimacy and security of the crypto industry. In Q3 2023, bad actors wiped out $889.26 Million of crypto assets from the market.

Is November a Hacker’s Month?

Per Lookonchain data, hackers succeeded in wiping $290 Million of crypto assets from the market in November 2023. The most affected platform in the hack was Poloniex which lost $118 Million followed by $86.6 Million, KyberSwap $46.5 Million, HECO Bridge $86.6 Million, and HTX Exchange $13.6 Million.

Observers within the industry will keenly monitor how HTX addresses the aftermath of this incident, with potential implications for the broader industry’s security protocols and risk management strategies.

Dozens of documents claim that bad actors use token factories that have a similar trend to create scam tokens on a large scale, and this is why many rug pull projects exist in the market because they are easy to carry out.

Dyma Budorin, the co-founder and Chief Executive Officer of Hacken, believes that the majority of the time, investors make decisions in the fear of missing out (FOMO) rather than carefully analyzing the criticality of the threat.

He believes that Shiba Inu and Pepe’s success story was fueled by these types of scams, which helped investors to make a considerable profit during the initial stage when users started trusting, its price went down suddenly, and millions of users were stuck behind the success of these projects.

A significant portion of the losses in Q3 was attributed to two specific projects, Mixin Network and Multichain, which collectively accounted for $326,000,000, or 47.5% of Q3 losses.

In a notable incident, on September 23rd, 2023, the decentralized Mixin network was breached. It resulted in cybercriminals making off with $200 Million worth of digital tokens.

Multichain experienced its hack on July 7th, 2023, involving the withdrawal of an estimated $126 Million in assets. It affects tokens like DAI, Link, USDC, WBTC, and wETH.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.