coinspress.com
A recent incident at the HTX exchange has sent shockwaves through the cryptocurrency world, as more than $256 million was withdrawn in the aftermath of a significant breach.
This exchange, previously known as Huobi and associated with Chinese crypto tycoon Justin Sun, witnessed a massive outflow of funds immediately after resuming operations post a major hack in November.
Between November 25 and December 10, data from Defilama showed a substantial withdrawal, causing concern among users affected by the earlier security breach. During the breach, HTX faced a loss of $30 million in crypto tokens, prompting a freeze on withdrawals and deposits.
HTX promised a thorough investigation and full compensation for losses from the compromised hot wallet. Despite these assurances, skepticism remains rife within the community, closely monitoring the aftermath of the hack.
Suspicion surrounds Justin Sun’s ties to HTX, Poloniex, and Heco Bridge, all targeted in November hacks that resulted in about $200 million in crypto theft. Some speculate these incidents could point to a potential exit scam.
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As HTX, boasting an average daily trading volume of $1.6 billion, deals with the fallout, questions emerge about the exchange’s security and reliability.
Despite HTX recovering $8 million from the stolen funds in September, security firm BlockSec’s report indicates that the hackers retain control over the $30 million from the recent breach, despite HTX offering a 5% reward.
This ongoing saga keeps the cryptocurrency community vigilant, stressing the urgent need for stringent security measures and transparent practices in the ever-evolving landscape of digital assets.