On-chain security platform Cyvers Alerts has detected that suspicious addresses have received over $85 million from the HECO chain bridge, which suggests an exploit may be underway.
Bad actors are repeatedly targeting the crypto mogul Justin Sun’s platforms. However, very few details about the hackers’ identity or if the same entity is causing the incidents are available.
HECO Chain And HTX Suffer Exploit
According to Cyvers, the HECO chain has reportedly suffered from an over $85 million exploit. Details are still emerging. In 2022, Justin Sun merged the TRON and BitTorrent bridge ecosystem with HECO.
Cyvers further reported that hackers swapped the stolen assets to Ethereum (ETH) and sent the funds to different externally owned accounts (EOAs)
Read more: How To Buy Ethereum (ETH) With a Credit Card: A Step-by-Step Guide
Along with the HECO chain, Justin Sun’s crypto exchange HTX suffered from a hack again. Cyvers estimates that the total loss is around $12.4 million.
Meir Dolev, the founder and CTO of Cyvers, said that the same entity is responsible for today’s HECO chain and HTX incidents. According to Dolev, in total, around $100 million has been lost in these two incidents.
Also, in September, the HTX exchange became a victim of an $8 million exploit. PeckShield suggests that the exploits are due to a compromised operator.
Lately, Justin Sun’s various projects have suffered from hacks. For example, earlier this month, BeInCrypto reported the Poloniex exchange suffered a $117 million hack.
Justin Sun took to X (Twitter) to say:
HTX will fully compensate for HTX’s hot wallet losses. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”
Read more: Crypto Project Security: A Guide to Early Threat Detection.
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Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Source: https://beincrypto.com/justin-sun-heco-chain-exploit/