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Justin Sun says HTX hacked for 5,000 ETH but will cover losses

source-logo  theblock.co 25 September 2023 15:45, UTC

Crypto exchange HTX suffered a hack that resulted in the loss of 5,000 ether ($7.9 million), according to company advisor Justin Sun.

Sun took to X, formerly Twitter, to announce the breach. "HTX has suffered a loss of 5,000 ether ... due to a hacker attack," he posted, while aiming to reassure customers. "HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues."

The HTX advisor went on to say that the pilfered ether "represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. Sun also stressed the amount of ether stolen equates to about two weeks worth of revenue for HTX.

The attack comes less than two weeks after ten year-old cryptocurrency exchange Huobi changed its name to HTX. The offshore trading platform is hoping the rebrand will help boost user adoption while in the years to come it applies for more licenses in more jurisdictions.