HTX pays 250 ETH as white hat bounty, requests hacker for platform’s security vulnerability analysis report
- HTX Global has paid the 5% white hat bounty to the hacker who stole 5000 ETH from the platform on September 24.
- The platform has also sent a message to the attacker, asking him for a security vulnerability analysis report.
- The report is intended to help the exchange avoid similar incidents in the future.
HTX, formerly Huobi Global, has lived up to its advisor’s promise on September 24, when Justin Sun committed to a white hat bonus of 5% if the hacker that stole 5000 Ethereum (ETH) from the platform returned the funds.
Also Read: HTX Global hacked for $8 million, Justin Sun communicates calm and offers employment for hacker
HTX pays $410,000 white hat bonus
HTX exchange has confirmed that the September 24 hacker who stole 5000 ETH ($8 million) from the platform has returned all the funds. Further, it has paid the promised 5% white hat bonus to the bad actor, worth approximately $410,000 at current rates (250 ETH).
We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hack a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help! https://t.co/SwY49A25h2
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 7, 2023
Along with a thank you note to the exploiter, the exchange has requested for a “security vulnerability analysis report,” intended to prevent similar attacks in the future. On-chain detective ZachXBT has confirmed this report.
Update: HTX/Huobi just sent them a whitehat bounty of 250 ETH ($410K) along with this message
— ZachXBT (@zachxbt) October 7, 2023
0x481cc79ee51b417ecfbdcfaa21cefd5b91bc8c2bc6d98a7065a3fb47e5849db3 pic.twitter.com/TeddYYukuH
When the attack happened, Sun said that the hacker would get a white hat reward to encourage them to return the stolen funds. He also committed to hiring them as a security white hat advisor for HTX. Failure to return the funds would have warranted the involvement of law enforcement.
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
What is staking?
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
