- HTX and HECO Chain Bridge were hit with a hack, which resulted in losses amounting to $85 million.
- HTX alone lost $13.6 million from compromised hot wallets, which Justin Sun assured would be compensated for.
- Interestingly, many are claiming this to be an "exit scam" conducted by Sun and his team.
HTX exchange, formerly Huobi Global, along with HECO Chain bridge, just witnessed another hack in the past day. The entities, both owned by Tron founder Justin Sun, have reported losses amounting to $85 million. However, some observers seem to be unsure of the legitimacy of these hacks, claiming them to be exit scams.
Justin Sun's HTX hacked, again
Over the past month, Justin Sun has witnessed the second major attack on one of his companies. First, it was the Poloneix exchange, which lost over $125 million, and today, HTX and HECO Chain bridge lost $85 million.
The news was confirmed by Justin Sun himself, who stated,
"HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX's hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.
Assets including LINK, ETH, and USDT were stolen from the entities, and HTX alone witnessed the loss of $13.6 million worth of crypto assets from three of its hot wallets.
While the identity and cause of the hack remain unknown at the time of writing, blockchain security and intelligence firm Arkham Intelligence has offered a white hat bounty. The bounty valued at 10,000 ARKM is worth approximately $4,115 and has a deadline of 30 days.
New Intel Exchange Bounty: HTX (f.k.a Huobi) / Heco Bridge Hack
— Arkham (@ArkhamIntel) November 22, 2023
We've created and funded a bounty to help identify the person or organization behind today’s @HTX_Global heco bridge attack.
Bounty Link: https://t.co/5yIOvd7V8k
Entity on Arkham: https://t.co/joU5MagNje… https://t.co/NaioZa0Hp0 pic.twitter.com/Vv8wUA4JBV
Interestingly, a part of Crypto Twitter, which does not seem to be too charmed by Justin Sun, has been supporting a thesis that this potentially was not a hack but an exit scam.
Speculation on HTX hack as a scam
According to a rather popular user, WhaleWire, the hack could likely be an exit scam perpetrated by none other than Justin Sun himself, along with the help of his team. The user noted,
"Justin Sun is again claiming it is a "hack" - Just like he did last week when his exchange, Poloniex, was "hacked" for $125 million. In reality, there were zero hacks; this is merely insider exit scamming using the backdoors they built years ago.
He went on to draw parallels to FTX and Mt. Gox, which pulled a similar stunt, wherein a hack resulted in the loss of a sum of assets days before the exchanges collapsed.
BREAKING: JUSTIN SUN EXIT SCAMS AGAIN.
— WhaleWire (@WhaleWire) November 22, 2023
Two other platforms owned by Justin Sun have just had ANOTHER $100+ million mysteriously drained from them: the HTX (Huobi) exchange and Heco bridge.
Justin Sun is again claiming it is a "hack" - Just like he did last week when his… pic.twitter.com/U1j6YyO7Jy
While the claims do not seem to hold much weight, given the absence of even an iota of evidence, it is important to address them in order to minimize the spread of misinformation in the industry.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-37949586_XtraSmall.jpg)
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
![Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_04_XtraSmall.jpg)
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
![WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_4_XtraSmall.jpg)
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
![Bitcoin: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.