Multiple Hacks Target Justin Sun's Crypto Businesses
In a series of attacks over the past two months, hackers have targeted the crypto platforms owned by Tron founder Justin Sun. At least four hacks have been reported, with the largest exploits focusing on platforms related to the crypto entrepreneur.
HTX Crypto Exchange Hacked Twice Since Rebranding
One of the targeted platforms, Sun's HTX crypto exchange, has been hacked twice since rebranding from Huobi in September 2023. The first hack occurred just days after the rebranding, resulting in the theft of nearly $8 million in crypto. The second hack, a hot wallet breach, led to a loss of $13.6 million and affected the wider HTX, Tron, and BitTorrent ecosystem.
Other Sun-Related Platforms Also Attacked
In addition to HTX, the hackers have also targeted other crypto platforms associated with Justin Sun. Sun-owned cryptocurrency exchange Poloniex suffered a significant security breach, resulting in the theft of at least $100 million in cryptocurrency. The Huobi HECO chain bridge, designed for moving digital assets between HECO and other networks, was also compromised, with $86.6 million being sent to suspicious addresses.
Combined Losses of $208 Million
Overall, the four hacks have resulted in a combined loss of approximately $208 million. Despite Sun's promise to compensate for the losses, some members of the crypto community have expressed concerns and urged caution when using Poloniex and HTX.
Speculation Surrounding the Hacks
Speculation has arisen regarding the identity of the hackers and the involvement of Justin Sun. One observer noted that Poloniex has been closed for five days and that HTX offers 100% interest on cryptocurrencies like Bitcoin, suggesting that Sun may be in trouble. However, HTX has not yet responded to requests for comment.
Background: SEC Lawsuit Against Justin Sun
These hacks come months after the United States Securities and Exchange Commission filed a civil lawsuit against Justin Sun and his companies, including Tron and BitTorrent, for fraud and securities law violations. The litigation is ongoing, with a summons issued to Sun's Singapore address in April 2023.
