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%.
🚨Red Code🚨Yesterday, our ML-powered system detected a suspicious transaction involving @HuobiGlobal and @HTX_Global.
Despite our attempts to reach out, we received no response. An EOA received 5K $ETH $7.9M from @HuobiGlobal's hot wallet.
🔍 This morning, we spotted… pic.twitter.com/3oqHhAVi8P
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 25, 2023
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
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term.
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.
HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are #SAFU and the platform is operating completely normally.
— H.E. Justin Sun ĺ™ĺ®‡ć™¨ (@justinsuntron) September 25, 2023
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
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term. 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.
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%.
🚨Red Code🚨Yesterday, our ML-powered system detected a suspicious transaction involving @HuobiGlobal and @HTX_Global.
Despite our attempts to reach out, we received no response. An EOA received 5K $ETH $7.9M from @HuobiGlobal's hot wallet.
🔍 This morning, we spotted… pic.twitter.com/3oqHhAVi8P
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 25, 2023
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
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term.
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.
HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are #SAFU and the platform is operating completely normally.
— H.E. Justin Sun ĺ™ĺ®‡ć™¨ (@justinsuntron) September 25, 2023
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
Cryptocurrency Exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term. 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.
