HTX Retrieves Funds From Hackers, Gives 250 ETH Bounty to Hacker

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Cryptocurrency exchange HTX (formerly Huobi) has officially affirmed the successful retrieval of 

funds that a hacker unlawfully took in late September. Following the resolution of this cybersecurity incident, the company has honored its white-hat bonus which is equivalent to 5% of the stolen funds, totaling almost $400,000. The company gave out a 250 ETH bounty after resolving the issue.

The return of the stolen funds and the subsequent establishment of a bounty exemplify HTX’s commitment to its user base. Beyond recovering losses, the company is actively engaging its community in fortifying the platform against future vulnerabilities. This collaborative effort underscores the symbiotic relationship between a cryptocurrency platform and its users in maintaining a secure and resilient ecosystem.

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HTX Security Breach

Recall that in September, 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 5% “white-hat bonus”. However, the hacker was given a seven-day ultimatum, to comply with this arrangement.

Meanwhile, Justin Sun, an advisor at HTX, affirmed that the exchange will take responsibility for covering all the losses incurred by its users. In his words “$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”.

Also in a recent Tweet, Justin noted that the hacker did the right thing by returning the stolen funds. This announcement reflects the company’s commitment to promptly addressing security breaches and safeguarding the assets of its users.

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Mixin Network Experiences Hack

The news of HTX follows closely on the heels of another incident where the decentralized peer-to-peer platform Mixin Network reported a security breach last month.

This breach which involved a third-party cloud service provider’s database, resulted in the theft of approximately $200 million worth of cryptocurrency assets from its mainnet. However, there was an immediate suspension of all deposit and withdrawal services on the network.

Crypto Market Records Lot of Hacks and Scams in H1 2023

As reported by Web3 security firm Beosin, the crypto industry suffered huge losses of around $656 million owing to hacks, scams, and rug pulls in the first half of 2023. The report highlighted 108 protocol attacks, resulting in a loss of $471.43 million. Additionally, phishing scams accounted for $108 million in losses, while 110 instances of rug pulls resulted in losses of $75.87 million.

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