Binance CEO Offers Help to Track Huobi’s Stolen Funds

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Shortly after the cryptocurrency exchange HTX, formerly known as Huobi, disclosed a security breach that led to an $8 million loss, Binance CEO Changpeng “CZ” Zhao extended an offer of assistance from the exchange’s security team to aid in the investigation of the incident.

Huobi Security Breach

According to the report, on September 24, the blockchain analytics platform Cyvers detected a security breach in which 5,000 Ether was siphoned from one of HTX’s hot wallets. In a bid to mitigate the impact, HTX took a proactive approach by offering a “white-hat bonus” equivalent to 5% of the stolen funds, totaling nearly $400,000. Nevertheless, the hacker has been given a seven-day window to comply with this arrangement. 

Binance CEO Offers Help

CZ has enlisted the assistance of Binance’s security team to aid in the pursuit of the stolen funds in response to a tweet from Tron founder Justin Sun. With the generous offer for security check, CZ playfully remarked on the resemblance between the newly rebranded HTX and Sam Bankman-Fried’s well-known cryptocurrency exchange, FTX.

Huobi to Take Responsibility

Justin Sun, an advisor at HTX, has affirmed that HTX will take responsibility for covering all the losses incurred by its users. He said: “$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue for the HTX platform.”

Mixin Network Hack

This news follows closely on the heels of another incident where the decentralized peer-to-peer platform Mixin Network reported a security breach on September 23rd. This breach resulted in the theft of approximately $200 million worth of cryptocurrency assets from its mainnet.

Notably, the world’s largest crypto exchange seems to return on its track after it got hit by the regulators recently. 

Binance and its CEO, Changpeng ‘CZ’ Zhao, have recently submitted a request to the United States District Court for the District of Columbia, seeking the dismissal of the lawsuit that was filed against them by the Securities and Exchange Commission (SEC) in June.

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