HECO Chain Bridge Exploit: HTX Loses Millions and Investors Hold Their Breath

HTX Exchange Hit by $13.6M Hot Wallet Hack, According to Report

Huge loss for HTX exchange as $13.6M lost in hot wallet hack Report

In a shocking turn of events, HTX (formerly Huobi Global) fell victim to a mind-boggling $86.6 million HECO Chain bridge exploit on November 22nd. Talk about a bridge to disaster!

According to a report by the renowned blockchain security firm Cyvers, HTX suffered a whopping $13.6 million loss. Imagine misplacing your wallet, but on a multi-million dollar scale!

This cyber heist unfolded as three hot wallets were compromised, leaving users and exchange assets dangling on a precipice. And the attackers didn’t stop there! They deftly swapped these assets for Ether, masterfully distributing them to various Ethereum addresses. Talk about a shell game worthy of a magician!

The list of devastated coins and tokens is disheartening. It includes 1,240 Ether (ETH), 7.3 million Tether (USDT), 1.78 million USD Coin (USDC), and 62,200 Chainlink (LINK). It’s like the bad guys had a shopping spree with someone else’s credit card!

• Pancakeswap Votes for Progress Introducing ‘Gauges’ and Bid Farewell to vCAKE
• LianGuaiWeb3.0 Daily | Settlement between the US Department of Justice and Binance paves the way for ETF
• Bridging the Gap: Circle’s New Standard for Launching USDC

As news of the exploit spread, the community held its breath, wondering what HTX’s de-facto owner and founder of Tron and BitTorrent, Justin Sun, would say. And he didn’t disappoint! Sun calmly stated, “HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured.”

But this isn’t Sun’s first rodeo. Just a few months ago, HTX was hit with an $8 million hot wallet exploit. Talk about déjà vu! Back then, Sun assured everyone that “all user assets are SAFU,” a term popularized by the legendary CZ of Binance. And the platform operated “completely normally.” Ah, the power of positive thinking!

The HECO Chain bridge, a cross-chain bridge created by merging the Tron and BitTorrent ecosystems in 2020, also took a bruising blow on the same day. It lost a staggering $86.6 million due to an allegedly compromised blockchain operator. It’s like someone left the bridge gate open, inviting trouble!

Let’s not forget the numbers game. Data from Nansen shows that HTX wallets held a jaw-dropping $2.08 billion in user and corporate assets. That’s enough to make Scrooge McDuck dive into his gold coin pool with envy!

Now the big question remains: will HTX make good on their promise and compensate the losses? Investors are eagerly waiting for the next chapter in this thrilling crypto saga. Grab your popcorn because this roller coaster ride isn’t over yet!

What are your thoughts on this hair-raising exploit? Share your comments below, and let’s navigate this treacherous crypto landscape together!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!