$258M Lost in Justin Sun’s HTX Crypto Exchange After Hack


The HTX exchange, formerly known as Huobi, has seen a net outflow of $258 million since resuming operations after a significant hack in November. Data from DefiLlama shows that this outflow occurred between November 25 and December 10, indicating that the security incident unsettled some of its clients.

HTX, affiliated with Chinese crypto mogul Justin Sun, lost $30 million worth of crypto tokens during the breach and temporarily suspended withdrawals and deposits. The community is closely monitoring the aftermath of the hack, as its clients remain disquieted.

Sun is also linked to Poloniex and Heco Bridge, both of which suffered hacks in November, resulting in a total of approximately $200 million in crypto theft. This has led to suspicions of an exit scam. Furthermore, TRX, a significant asset at HTX launched by Sun, is also under scrutiny due to fraud allegations from the Securities and Exchange Commission (SEC).

Investors are on high alert as HTX, with an average daily trading volume of $1.6 billion, navigates the aftermath of the hacks. The composition of HTX’s reserves, dominated by Bitcoin and TRX, raises questions about the security and integrity of these platforms.

Security firm BlockSec reports that while HTX recovered $8 million stolen in September, the hackers still control the $30 million taken in the recent breach. With this in mind, the cryptocurrency community is emphasizing the need for robust security measures and transparency in the ever-evolving landscape of digital assets.

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