Crypto investors have been withdrawing their assets from the HTX exchange (previously known as Huobi) following a security breach on November 22, which led to the platform temporarily halting its services and incurring a loss of $30 million.
From November 25, the day HTX resumed operations, to December 10, the exchange experienced approximately $258 million in net outflows, as reported by DefiLlama. The data from DefiLlama also indicates that HTX’s reserves consist of 32.3% Bitcoin (BTC) and 31.8% Tron (TRX). TRX is the native cryptocurrency of the Tron network, a blockchain platform launched in 2017 by Justin Sun.
As of the latest reports, HTX ranks as the 16th largest crypto exchange in terms of daily trading volume, with a total of $1.6 billion traded over the past 24 hours, according to CoinMarketCap.
After restarting services on November 25, Sun assured HTX users affected by the hot wallet breach that they would receive full compensation and announced that an investigation was in progress. Over the past two months, HTX and other Sun-associated entities, including the Poloniex crypto exchange and the HTX Eco Chain (HECO) bridge, have suffered four separate hacking incidents.
The initial breach at HTX occurred shortly after its rebranding, with an attacker stealing nearly $8 million in cryptocurrencies on September 24, 2023. The most significant of these incidents was the $100 million exploit at the Poloniex exchange on November 10, reportedly due to a private key compromise.
Additionally, the HECO Chain bridge of HTX, which facilitates the transfer of digital assets between HTX and other blockchain networks, was severely compromised on November 22. In this breach, hackers transferred at least $86.6 million to dubious addresses.
November 2023 emerged as the most damaging month for crypto thefts in the year, with malicious actors absconding with digital assets valued at $363 million.
Cointelegraph reached out to HTX for comments on these developments but had not received a response at the time of their report.
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