- HTX crypto exchange suffered a $30 million hack last week causing disruption to services, but has now restored some functionality
- Hackers exploited vulnerabilities to drain $30 million from HTX’s hot wallets on November 22nd, pausing deposits/withdrawals during investigation
- HTX announced restoration of deposits/withdrawals for major cryptos like BTC, ETH, TRX, USDT; aims to restore full services over the coming week
Last week, the crypto exchange HTX, formerly known as Huobi, suffered a major security breach resulting in the loss of $30 million worth of crypto assets. The hack impacted the exchange’s hot wallets and caused a disruption to user services. However, HTX has now restored functionality for some major cryptocurrencies.
Timeline of the Hack
On November 22, hackers exploited vulnerabilities in HTX’s systems and drained around $30 million from the exchange’s hot wallets. This was one of several recent attacks targeting crypto platforms linked to Justin Sun.
Immediately after the incident, HTX paused deposits and withdrawals for all cryptocurrencies while it investigated the breach. This left users unable to access their funds on the exchange.
Initial Service Restoration
In a November 26 blog post, HTX announced that it had re-enabled deposits and withdrawals for several major cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tron (TRX), and Tether (USDT).
Justin Sun stated via Twitter that the exchange aims to gradually restore full services over the coming week. He expects functionality for other cryptocurrencies to return soon.
Previous Security Issues
The HTX hack is the latest in a series of exploits targeting Sun-linked crypto platforms.
In September, threat actors stole nearly $8 million from HTX shortly after its rebrand from Huobi. The HECO Chain bridge, which connects to Tron and BitTorrent, lost $866 million on the same day as the most recent HTX attack.
Earlier in November, Sun’s exchange Poloniex lost around $100 million due to a likely private key compromise. This series of breaches has impacted user trust in these trading platforms.
Moving Forward
While the return of Bitcoin and other major crypto deposits and withdrawals is a positive step, HTX faces a challenge in rebuilding user confidence after the hack. Many customers will be hesitant to return to the exchange without assurances that security vulnerabilities have been fully addressed.
As HTX works to restore full functionality over the coming week, the exchange must prioritize transparency regarding the exploit’s root cause. The company also needs to detail what steps it is taking to prevent similar attacks in the future. Although restoring services is important, preventing future breaches is critical for winning back user trust.
