HTX, formerly known as Huobi, has successfully reinstated Bitcoin deposits and withdrawals after a $30 million exploit on November 22. The cryptocurrency exchange, linked to entrepreneur Justin Sun, announced the resumption of functionality for several cryptocurrencies, including BTC, Ethereum, Tron, and USDT.
In an update on X (formerly Twitter), Justin Sun outlined HTX’s strategic plan to gradually restore functionality for the remaining cryptocurrencies. He expressed optimism, stating that he expects to complete this process “by next week.” The recent cyber attack compromised HTX’s exchange hot wallets, resulting in a substantial $30 million loss. This incident marked the fourth security breach within two months on platforms either linked to or controlled by Justin Sun.
#Bitcoin (#BTC) deposits and withdrawals have now been fully reinstated on @HTX_Global. As of now, all major currencies including BTC, ETH, TRX, and USDT are available for complete deposit and withdrawal functionality on HTX.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 26, 2023
On the same fateful day, the HTX Eco Chain bridge, encompassing HTX, Tron, and BitTorrent – all entities associated with Sun – fell victim to a significant hack, resulting in an $86.6 million loss. Adding to the list of security woes, Sun’s cryptocurrency exchange, Poloniex, experienced a staggering $100 million attack on November 10. Security analysts from CertiK pointed towards a likely compromise of private keys as the root cause. Much earlier, on September 24, shortly after the rebranding of Huobi to HTX, an attacker successfully pilfered nearly $8 million in cryptocurrency from the exchange’s hot wallet.
HTX is Not the Only One Affected; Sun is an Exploit Magnet
These successive security breaches raise serious questions about the overall cybersecurity infrastructure within Sun’s cryptocurrency projects. The frequency and magnitude of these incidents underscore the pressing need for heightened security protocols to safeguard users’ funds and bolster trust in the ecosystem.
As the company progresses in restoring full functionality, the cryptocurrency community will be closely monitoring the exchange’s security measures. The effectiveness of these efforts will be crucial to preventing future exploits and instilling confidence among users.
Experts strongly advise investors to be cautious and implement additional security measures, such as two-factor authentication, to mitigate potential risks associated with trading and storing assets within these exchanges.
The recent cyber attacks highlight the persistent challenges and vulnerabilities present in the cryptocurrency space. Users and investors await robust security measures, and exchanges must prioritize the implementation of advanced protocols to protect against potential threats, thereby ensuring the long-term viability and resilience of the ecosystem.
