Two cryptocurrency platforms linked to the high-profile entrepreneur Justin Sun have been targeted in an attack leading to the theft of approximately $115 million.
HTX, formerly known as Huobi, announced in a press release on Wednesday that hackers had stolen an estimated $30 million worth of cryptocurrency. According to the market analysis firm CryptoQuant, a further $85.4 million has been stolen in cryptocurrency, mostly denominated by stablecoin USDT and Ether.
Sun is an investor in HTX, and the theft was confirmed by Heco Chain, a blockchain bridge. Blockchain bridges are networks that connect multiple networks and allow for the exchange of cryptocurrencies.
HTX has stated that they are in the process of identifying and locating the source of the attack, and have taken precautions to protect user assets. They have temporarily suspended the deposit and withdrawal services for both HTX and Heco Chain and have promised to fully compensate any losses.
Data from CryptoQuant shows that in the past few hours, 11,100 Ether coins have been removed from the HTX Exchange. A spokesperson for CryptoQuant informed CNBC that around $23 million worth of cryptocurrency had been stolen, with some users trying to retrieve their money.
CryptoQuant analyst Bradley Park believes that the hackers are transferring their stolen assets to Ether as it is more liquid, as USDT and USDC stablecoins can be frozen. However, CNBC was unable to get a comment from USDC.
The HTX hack follows another exchange backed by Sun, Poloniex, which was hacked this month and saw the theft of $100 million in cryptocurrencies.
