$97 Million Stolen as HTX and Heco Chain Gets Exploited

$97 Million Stolen as HTX and Heco Chain Gets Exploited

FraudExchange

By Miles

22 Nov 2023 (6 months ago)

1 min read

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HTX and Heco Chain hacked for $97M; investor Justin Sun promises compensation, highlighting ongoing crypto security challenges.

Investor Justin Sun revealed that the cryptocurrency exchanges HTX and Heco Chain were hacked for $97 million. Sun promised that HTX would make up for any losses caused by the hack. Deposits and withdrawals are presently put on hold but all other funds remain secure.

Sun stated, "We're looking into the hack." We will restart services once we have determined the cause." A blockchain security firm discovered $85 million in suspicious transfers, tying the hack to a private key breach on the Heco bridge.

In October, a $8 million exploit on the Heco Chain, maintained by HTX, resulted in the theft of 500 ether. HTX quickly made up for these losses.

In conclusion, the recent hacking incidents at HTX and Heco Chain show continuing security issues in the cryptocurrency industry. These attacks show the importance of strong security measures and rapid responses from exchanges in protecting users' assets. As the industry evolves, such occurrences serve as a reminder for both investors and platforms to emphasize security so as to retain trust and stability in the quickly growing crypto field.

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