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Home BREAKING NEWS

HECO Chain Bridge Exploit Leads to $86.6 Million in Losses

by BlockNews.com Team
November 22, 2023
in BREAKING NEWS, BUSINESS, CRYPTO, DEFI
Reading Time: 2 mins read
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  • HECO Chain bridge was exploited, resulting in over $86.6 million worth of digital assets being drained and sent to suspicious wallet addresses
  • PeckShield blockchain security firm first detected the exploit, noticing a $19 million Ether transaction followed by other assets like USD Coin and Shiba Inu tokens being drained
  • In response, HECO Chain suspended deposits/withdrawals and Justin Sun, founder of Tron which backs HECO, promised affected users will be fully compensated for losses

The HECO Chain bridge, which facilitates cross-chain transfers, was recently compromised in an exploit. Over $86.6 million worth of digital assets were drained from the bridge and sent to suspicious wallet addresses. Justin Sun, founder of Tron which backs HECO Chain, has promised that affected users will be fully compensated for their losses.

Details of the Exploit

PeckShield, a blockchain security firm, first detected the exploit. They noticed a transaction for 10,145 Ether worth $19 million being drained from the bridge. This was followed by other assets like USD Coin, Chainlink, and Shiba Inu tokens also being siphoned away to different wallet addresses.

HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. 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. We are investigating the specific reasons for the hacker…

— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023

About HECO Chain

HECO Chain, also known as Huobi ECO Chain, officially launched on December 21, 2020. The chain was created to provide a cross-chain experience with lower gas fees compared to Ethereum. In 2022, Tron founder Justin Sun merged his blockchain’s bridge ecosystem with HECO Chain to combine both platforms.

Response to the Hack

In response to the exploit, HECO Chain has temporarily suspended all deposits and withdrawals. Justin Sun stated that HTX, the company behind HECO, will fully reimburse affected users. Services will resume once the investigation into this incident is completed.

This is the second recent hack of a Justin Sun-related crypto project. In November, crypto exchange Poloniex which Sun acquired in 2018 suffered a $100 million exploit potentially due to compromised private keys.

Tags: HackhecoJustin Sun
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