A recent security breach on the HECO Chain Bridge, built by HTX Global Exchange, resulted in the unauthorized transfer of over $86 million. On-chain security platform Cyvers Alerts identified the movement of funds, pointing to a potential exploit in the HECO chain. Wintermute Head of Research Igor Igamberdiev estimates the breach loss at $86.6 million.
This exploit follows the recent trend of security vulnerabilities in blockchain projects related to Justin Sun. In 2022, Sun merged the TRON and BitTorrent bridge ecosystem with HECO. However, the ecosystem now faces significant hacking issues. Notably, the Poloniex exchange, linked to Sun’s projects, recently suffered a $117 million hack, while the HTX exchange had an $8 million hack.
Projects associated with blockchain entrepreneur Justin Sun are facing ongoing hacking challenges. Over $186 Million have been drained in a HECO Bridge-related hack. The HECO Bridge is a crucial link for transferring funds between Ethereum and the Heco Chain.
Users and investors are urged to exercise caution as investigations unfold. Concerns are mounting over the security of the HECO chain and its associated projects. As the crypto community awaits further details and actions to mitigate the impact of this substantial security breach, blockchain analysts PeckShield suspect the possibility of an exploit or rug pull.
