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.