HTX Exchange Loses $13.6M in Hot Wallet Hack

HTX, formerly Huobi Global, suffers significant loss

HTX, a well-known cryptocurrency exchange, has reportedly lost $13.6 million in a recent hot wallet hack. The incident is part of a larger exploit that resulted in $86.6 million being stolen from the HECO Chain bridge on November 22. The losses were incurred from three compromised hot wallets, with assets being converted to Ether and distributed to various Ethereum addresses. The hack targeted multiple cryptocurrencies, including 1,240 Ether (ETH), 7.3 million Tether (USDT), 1.78 million USD Coin (USDC), and 62,200 Chainlink (LINK).

Justin Sun vows full compensation for HTX users

Following the hack, Justin Sun, the de-facto owner of HTX and founder of Tron and BitTorrent, assured users that HTX would fully compensate for the losses suffered in the hot wallet hack. Sun also stated that all funds in HTX are secure and that deposits and withdrawals would be temporarily suspended. Sun's reassurances come after the HECO Chain bridge, created through the merger of the Tron and BitTorrent ecosystems, lost $86.6 million due to a compromised blockchain operator.

Previous hack raises concerns

This is not the first time that HTX has fallen victim to a hot wallet hack. In September, the exchange was hacked for $8 million. At the time, Sun claimed that all user assets were safe and that the platform was operating normally. The incident occurred shortly after the exchange rebranded from Huobi Global to HTX.

HTX holds billions in user and corporate assets

According to data from Nansen, wallets associated with HTX hold a total of $2.08 billion in user and corporate assets. The exchange also recorded a spot trading volume of $1.3 billion in the past 24 hours.

Source: The Guardian