Huobi Global’s HTX Hit by $7.9 Million Crypto Heist, Offers Hacker „White-Hat Deal”

Huobi Global’s HTX Hit by $7.9 Million Crypto Heist, Offers Hacker „White-Hat Deal”

Huobi Global’s
HTX exchange fell victim to a major hack on September 24, resulting in the loss
of $7.9 million worth of digital assets. The breach was brought to light by the blockchain analytics platform Cyvers, sending shockwaves through the crypto
community.

However, what
sets this incident apart is the exchange’s claim to have unmasked the hacker’s
identity and a surprising offer of a „white-hat bonus” to the
culprit, provided they return most of the stolen funds. A message, written in
Chinese, emerged from a known Huobi hot wallet, addressed directly to the
hacker.

HTX’s
Response

The message
asserted that Huobi Global had successfully identified the attacker and had an
unconventional proposition. The exchange offered to let the hacker retain 5% of
the stolen funds as a „white-hat bonus” if they chose to return the
remaining 95%.

On the morning
of September 24, at 10:00 am UTC, the suspected Huobi hot wallet executed a
transfer, sending 4,999 Ether, equivalent to approximately $7.9 million, to an
address without any previous transaction history. This transfer marked the
beginning of a chain of events that led to the proposition of a white-hat bonus
by the exchange.

Huobi Global’s
investor, Justin Sun, publicly acknowledged the hack today (Monday). He
disclosed, „HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million
USD) due to a hacker attack.” Notably, Sun assured users that their funds
remained secure, and the exchange had swiftly resolved all related issues.

Huobi, a
prominent exchange with a decade of history, recently rebranded to HTX. This
rebranding represents a fusion of Huobi’s legacy, the TRON token, and the core
values of a cryptocurrency exchange. Beyond rebranding, HTX changed its listing
strategy. The exchange emphasized community involvement, allowing users to
participate in the decision-making process regarding which assets to list.

Rebranding and
Regulatory Challenges

On August 4,
reports surfaced, hinting at troubles within Huobi. These reports centered on
claims that representatives of the exchange had been detained in China,
allegedly due to their involvement with gambling platforms. Simultaneously, the
exchange’s total value locked (TVL) plummeted by $500 million, from over
$3 billion to $2.5 billion.

Meanwhile, as
part of its commitment to regulatory compliance, Huobi secured regulatory approval from the Financial Services Commission (FSC) for the British Virgin
Islands last year. This authorization, granted to its local subsidiary, Brtuomi
Worldwide Limited (BWL), enabled the offering of institutional-grade crypto
derivative products in the region.

In May, the
exchange faced regulatory intervention in Malaysia by the Securities Commission
Malaysia (SCM), resulting in the shutdown of its operations due to a lack of
proper registration as a local cryptocurrency operator. Furthermore, this legal issue led to the blocking of Huobi’s website and mobile applications in the country.

This article was written by Jared Kirui at www.financemagnates.com.

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