HTX Global Hacker Makes Full Refund of Stolen Funds

According to blockchain analytics insights provider Lookonchain, the hacker who breached HTX Global, formerly known as Huobi has returned all of the assets that he siphoned from the platform. 

A total of 4,999 Ether (ETH) valued at $8.2 million was refunded to HTX Global. 

HTX Global Hacker just returned the stolen funds of 4,999 $ETH ($8.2M). @justinsuntronhttps://t.co/fIxrm01a4zhttps://t.co/gHM0Yjqlqs pic.twitter.com/zX1mdDsRpi

— Lookonchain (@lookonchain) October 7, 2023

The Concerning HTX Global Breach

Last Monday, the cryptocurrency exchange suffered a security breach from the unidentified hacker which led to the loss of the quoted sum in Ethereum. 

Immediately, after the attack was launched, TRON founder and HTX advisor Justin Sun informed the public that the losses incurred from the attack had been covered. Similarly, he claimed that all issues related to the hack had been resolved.

Sun explained that the stolen funds were only a small fraction of HTX Global’s total assets which sums up to $3 billion. At the same time, a 5% Whitehat reward, equivalent to $400,000 was promised to the hacker if he returned all the stolen funds. In addition, the hacker was offered the position of security Whitehat advisor if a voluntary refund was made as soon as possible.

Notably, Sun claimed that the breach was detected by the HTX’s security team on September 24, 2023, at 6 p.m. Although, onchain security firm Cyvers Alerts caught wind of suspicious transactions prior to that. 

The said transactions were linked to the Mixin Network, which recently experienced a loss of $200 million which were later traced back to HTX and the leading cryptocurrency exchange Binance. 

Justin Sun Allays Insolvency Fears

It is worth noting that the HTX hack took place only a few weeks after rumors of the exchange’s insolvency were making rounds. At a point, Mishaboar, a prominent developer and Dogecoin (DOGE) advocate advised DOGE holders to withdraw their assets from HTX. The main concern was related to the exchange’s shady Proof-of-Reserve claims. 

Most of the time, such concepts are promoted as tools showing a protocol’s financial health status. Mishaboar noted that such proof-of-reserves can be misleading and may not paint an accurate picture of an exchange’s liabilities. In an attempt to allay the fears of users, Sun asked the rumors be ignored. With the news of a full refund, customers are likely to feel more relaxed about the exchange amid its many controversies.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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