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CZ Appoints Binance Security Team to Track Huobi HTX Stolen Funds

by Dan K
Sep 26, 2023 - 4:30 pm
in Blockchain
Portrait of Changpeng Zhao, the former CEO of Binance, who tops the list of cryptocurrency billionaires in 2023.

HTX Faces Major Hack

Only hours after HTX reported a substantial loss due to a hack, Binance’s Changpeng “CZ” Zhao promptly extended an offer to aid in the investigation of the attack through his exchange’s security team.

Timely Intervention Matters

Swift action is paramount in locating and retrieving stolen digital assets. On Sept. 24, Cyvers, a blockchain analytics platform, highlighted the hack that led to a loss of 5,000 Ether from HTX’s hot wallet.

HTX’s Recovery Strategy: A White-Hat Bonus

In an attempt to reduce the overall harm, HTX has extended an offer of 5% of the stolen funds, equating to nearly $400,000, as a “white-hat bonus” to the hacker. The hacker has a week to adhere to this deal.

CZ’s Lighthearted Remarks and Commitment to Help

Amidst the tension, CZ lightened the mood by drawing parallels between the newly rebranded HTX and FTX. He then seriously responded to Justin Sun’s tweet, assuring the involvement of Binance’s security team in the investigation.

Reassurances from Justin Sun

Sun, in his tweets, reassured HTX users that the losses would be covered by the platform. Emphasizing the relative smallness of the amount in question, he commented on the vast assets held by HTX and the revenue it generates.

Ramping up Security

Post-hack, HTX has strengthened its defense mechanisms by introducing real-time monitoring tools. Justin Sun has further promised to hold live sessions addressing the topic of exchange security.

Recent Hacks in the Crypto Landscape

It’s noteworthy that this isn’t the only major hack in recent times. The Mixin Network witnessed a loss of nearly $200 million in a separate incident a day prior to the HTX hack. A subsequent independent analysis unveiled the hacker’s past affiliations with Mixin Network.

Mixin Network is currently working on addressing the vulnerabilities and has temporarily halted its deposits and withdrawals.

Tags: BinanceCZHuobi
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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