Crypto investors have been withdrawing their assets from the crypto exchange HTX (formerly known as Huobi) after a recent exploit that resulted in a loss of $30 million. Since the exchange resumed its services on November 25th, there has been a significant outflow of funds, totaling $258 million between November 25th and December 10th.
According to data from DefiLlama, HTX’s reserves consist of 32.3% Bitcoin (BTC) and 31.8% Tron (TRX). TRX is the native currency of the Tron network, which was launched by Sun in 2017.
Despite the recent exploit, HTX remains the 16th largest crypto exchange by daily trading volume, with a total trading volume of $1.6 billion in the last 24 hours.
Following the restart of HTX’s services, Sun, the founder of HTX, assured affected users that they would be fully compensated for the losses from the hot wallet and announced an ongoing investigation.
Unfortunately, this is not the first time HTX and other Sun-linked entities have been hacked. In the past two months, there have been a total of four hacks, including the recent exploit. The largest of these hacks was the $100 million Poloniex exchange exploit on November 10th, which was allegedly caused by a compromise of a private key.
In addition to HTX, the HECO Chain bridge, a tool for transferring digital assets between HTX and other blockchain networks, also experienced a significant breach on November 22nd. Hackers managed to compromise HECO and transfer at least $86.6 million to suspicious addresses.
November has been a particularly bad month for crypto theft, with hackers and malicious actors stealing a total of $363 million in digital assets.
Cointelegraph reached out to HTX for comment but did not receive an immediate response.
Overall, the recent exploit and subsequent outflow of funds from HTX have raised concerns among crypto investors, highlighting the need for stronger security measures in the industry.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | None |
| Companies | HTX, Tron, Poloniex, CoinMarketCap, DefiLlama |
| Currencies | TRON, Bitcoin |
| Securities | None |
