Huobi Global Reportedly Loses $7.9M in Hacking Incident

In an unfortunate turn of events, Huobi Global’s HTX crypto exchange fell victim to a hack on September 24th, as reported by blockchain analytics platform Cyvers. The attack resulted in a significant loss of $7.9 million in cryptocurrency.

Remarkably, during the course of this breach, a known Huobi hot wallet took an unusual step by posting a message to the attacker in Chinese. According to the message, the exchange purportedly identified the attacker and extended an offer: if the attacker returned 95% of the drained funds, they would be rewarded with a 5% “white-hat bonus.”

The hack unfolded on September 24th, at precisely 10:00 am UTC when the suspected Huobi hot wallet with the address 0x2Abc22eb9A09EbBE7b41737CCde147F586EfeB6A transferred 4,999 Ether, equivalent to approximately $7.9 million, to an address with no prior transaction history. The following day, another wallet associated with Huobi sent a message to the attacker in Chinese. The translated message read:

“We have confirmed your true identity. Please return funds to 0x18709E89BD403F470088aBDAcEbE86CC60dda12e. We will provide you with a 5% white hat bonus. This offer is valid for 7 days and ends on October 2, 2023. If you do not return the funds by the deadline, we will request judicial intervention.”

Cyvers reported the incident on September 25th. The wallet responsible for sending the message was identified by blockchain analytics platform Arkham Intelligence as a Huobi hot wallet. According to Cyvers, this wallet is listed on a Huobi support page as belonging to the exchange.

Huobi Global investor Justin Sun confirmed the hack on the morning of September 25th, disclosing that “HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack.” Sun emphasized that user funds remained secure, and the exchange was operating normally. He stated, “HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues.”

This incident adds to the growing list of crypto exchange hacks in 2023, with many of them suspected to be the work of the North Korean-affiliated Lazarus Group. This group has allegedly amassed $40 million in Bitcoin from various attacks throughout the year, posing a significant security challenge to the cryptocurrency industry.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you