Binance faces $500M outflows and top executive exits, even as crypto soars and rivals flourish. Can the leading crypto exchange stay on top?
- The hacker illicitly acquired close to 5,000 ETH from the crypto platform HTX (previously known as Huobi) and has now restored the misappropriated assets.
- Justin Sun, an advisor to HTX, confirmed that the funds were back and pointed out that they gave the hacker a “whitehat incentive” of 250 ETH, equal to $400,000, as a reward.
Hacker That Stole $8M From HTX Returns the Funds
Huobi Global’s digital exchange, HTX, has announced the successful recovery of funds pilfered by a cybercriminal in late September.
In light of this resolution, the firm has also extended a reward of 250 Ether to the responsible hacker.
On September 25, hackers drained one of HTX’s hot wallets, taking roughly 5,000 ETH worth around $8 million back then.
Then, HTX contacted the hacker because they knew who did it. To get the money back, HTX offered the hacker a 5% reward, about $400,000, and promised not to take any legal action.
So, the hacker returned 95% of the stolen funds before the October 2 deadline.
A Quarter of Hacks in Crypto
The third quarter of 2023 has witnessed a surge in cyber-attacks.
As per data from the blockchain security platform Immunefi, Q3 2023 experienced 76 security breaches targeting crypto and Web3 enterprises, a stark increase from 30 in Q3 2022.
In the same timeframe as the HTX incident, Mixin Network, a decentralized cross-chain protocol, suffered a $200 million heist following an intrusion into a third-party cloud service.
Although Mixin Network proposed a staggering $20 million as a bug bounty for the funds’ return, hopes remain dim.
This makes the third quarter of 2023 one of the biggest quarters regarding the absolute value of money stolen in crypto.
HTX – The New Huobi
On its 10th anniversary, cryptocurrency exchange Huobi has unveiled a contentious rebranding strategy, transitioning from “Huobi” to “HTX,” reminiscent of the defunct exchange FTX.
HTX revealed its new name on September 13. Here’s what it means:
- “H” is for the original Huobi
- “T” represents Justin Sun’s blockchain project, Tron
- “X” means exchange.
“HT” might point to Huobi Token (HT), and “X” might celebrate the company’s 10 years in business.
Their new slogan? “HTX, Just Trade It.” And yes, social media is buzzing! Many people are comparing the new name, HTX, to another old exchange, FTX.
FTX’s founder, Sam Bankman-Fried, is currently entangled in 13 fraud-related accusations.
Do you like Huobi’s new name?