Crypto Exchange HTX Recovers $8 Million in Stolen Funds

HTX exchange faced a hack attack in September this year. However, the firm has managed to recover funds that were stolen by the attackers. A recent update on the matter was posted on social media regarding the latest development.

The firm was able to trace down the wallets belonging to the hackers and recover the siphoned funds. The updates posted by Justin Sun on X have revealed that the firm was able to reclaim around 4999 ETH valued at $8.2 million.

It seems that the firm negotiated with the hackers and as a result of their correspondence the hackers decided to refund the stolen amount. At the same time, the company also offered hacker a job to work as their security advisor.

The consultant has received 250 ETH as a reward for reclaiming the funds. Sun posted a detailed account of the matter on his social media account.  He noted that safeguarding the funds on a trading platform is always a challenging task.

HTX Claims that the Firm is Working Diligently to Secure Its Account Holders

Speaking on the matter, Sun maintained that the firm has been working tirelessly to ensure that its account holder firms are secure. He retained that the goal of the enterprise is to ensure security for its users and divert security threats.  

He thanked the investors associated with the firm for their continued support and understanding on the matter. HTX exchange that was formerly Huobi was attacked on 24th September according to reports shared by CyversAlert.

According to the report, hackers took advantage of the vulnerability in hot wallets to steal funds. The report also noted that the stolen funds from the exchange were sent to a wallet address with no prior history.

However, the recovery consultants were able to identity the attackers and received an attractive proposal drafted by officials at Huobi.

At the same time, the firm also offered the hackers to keep 5% as white-hat-bonus if they return the 95% funds back to the company and keep their real identity unknown.

New Research Reveals a Significant Increase in Hacking Incidents

In 2020, cybersecurity attacks were ranked as the fifth biggest threat for firms and corporate entities. However, the rise of web-based services and increasing financial participation of retail consumers in trading markets has led to a significant rise in hacking incidents.

This year, the total number of cyber-attacks has reached 838 with 71 firm facing security concerns in September alone. Mixin Network a DeFi protocol lost around $200 million in virtual currencies following a cyberattack last month.

The firm reported that hackers stole around $94.48 million in ETH, $23.55 in DAI, and $23.3 million in BTC. To this account, hackers were able to detract a total of $142.2 million from the decentralized platform. Mixin is also offering a $20 million reward for cybersecurity experts who could return the funds.

Meanwhile, Ethereum co-founder had a data breach recently when hackers attacked his X account and posted fake updates on his profile. The fake notifications consisted of celebration of proto-danksharding and a malicious link for free NFT promotion to entrap unsuspecting investors.