CZ appoints Binance security team to track Huobi HTX stolen funds

To minimize the damage, HTX proactively offered 5% of the drained pipes funds as a “white-hat perk,” which would amount to almost $400,000. Nevertheless, the hacker has actually been supplied with seven days to comply. HTX interacted the deal in Mandarin (Chinese), as shown in the screenshot below.HTX offering hacker immunity for returning 95% of the taken funds. Source: etherscan.ioOn a lighter note, CZ joked about the resemblance of the freshly rebranded HTX with Sam Bankman-Frieds infamous crypto exchange, FTX. However, the loss of funds in both exchange are matchless, provided that HTX was hacked and FTX was an alleged scam.Responding to a tweet from Tron creator Justin Sun, who likewise functions as an advisor t HTX, CZ appointed Binances security team to help track the taken funds. Furthermore, Sun confirmed that HTX will cover all losses for its users. He included:”$ 8 million represents a relatively small amount in contrast to the $3 billion worth of properties held by our users. It also totals up to just 2 weeks income for the HTX platform.” HTX likewise executed real-time monitoring systems to prevent such losses. While Sun rejects owning a major stake in HTX, he committed to performing numerous live streams– in English and Chinese– to talk about exchange security.Binance did not immediately respond to Cointelegraphs demand for comment about the ongoing HTX hack examinations. Related: CoinEx hack: Compromised personal secrets resulted in $70M theftJust a day prior to the HTX hack, Decentralized peer-to-peer network Mixin Network lost nearly $200 million in a hack involving the compromise of the database of a third-party cloud company. [Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Networks cloud company was assaulted by hackers, leading to the loss of some properties on the mainnet. We have contacted Google and blockchain security business @SlowMist_Team …– Mixin Kernel (@MixinKernel) September 25, 2023

Hours after the crypto exchange HTX (rebranded from Huobi) reported a hack that resulted in a loss of $8 million, Binance CEO Changpeng “CZ” Zhao used the assistance of the exchanges security group in examining the attack.Timely intervention is essential to finding and retrieving stolen cryptocurrencies, as hackers try to hide their tracks using mixers or converting the loot to personal privacy tokens. On Sept. 24, blockchain analytics platform Cyvers identified a hack that drained 5,000 Ether (ETH) from among HTXs hot wallets.Red CodeYesterday, our ML-powered system identified a suspicious transaction including @HuobiGlobal and @HTX_Global. Despite our efforts to reach out, we got no response. An EOA received 5K $ETH $7.9 M from @HuobiGlobals hot wallet.This morning, we spotted … pic.twitter.com/3oqHhAVi8P— Cyvers Alerts (@CyversAlerts) September 25, 2023

Hours after the crypto exchange HTX (rebranded from Huobi) reported a hack that resulted in a loss of $8 million, Binance CEO Changpeng “CZ” Zhao offered the assistance of the exchanges security group in examining the attack.Timely intervention is essential to tracking down and retrieving taken cryptocurrencies, as hackers attempt to hide their tracks utilizing mixers or transforming the loot to personal privacy tokens. The loss of funds in both exchange are unparalleled, offered that HTX was hacked and FTX was a supposed scam.Responding to a tweet from Tron founder Justin Sun, who also serves as an adviser t HTX, CZ appointed Binances security team to help track the stolen funds. While Sun denies owning a significant stake in HTX, he dedicated to carrying out several live streams– in English and Chinese– to discuss exchange security.Binance did not right away react to Cointelegraphs request for remark about the continuous HTX hack investigations. Related: CoinEx hack: Compromised private keys led to $70M theftJust a day prior to the HTX hack, Decentralized peer-to-peer network Mixin Network lost almost $200 million in a hack involving the compromise of the database of a third-party cloud service supplier.

An independent investigation from Web3 SaaS analytics platform 0xScope revealed the hackers historical relationship with Mixin Network. In 2022, an address linked to the hacker received 5 ETH from Mixin and was deposited into Binance later.Deposits and withdrawals on Mixin Network will recommence “once the vulnerabilities are confirmed and repaired.” The strategies to recover the lost assets for users were not announced immediately.Collect this short article as an NFT to protect this minute in history and show your support for independent journalism in the crypto space.Magazine: AI has killed the market: EasyTranslate employer on adjusting to change

Other Questions People Ask

What actions did CZ take regarding the Huobi HTX stolen funds?

In response to the recent hack that resulted in an $8 million loss for Huobi HTX, Binance CEO Changpeng "CZ" Zhao appointed Binance's security team to assist in tracking the stolen funds. This intervention is crucial as hackers often use mixers or privacy tokens to obscure their tracks. CZ's involvement highlights the importance of timely action in recovering stolen cryptocurrencies and ensuring the security of exchanges.

How is HTX addressing the situation after the hack?

HTX has proactively offered a "white-hat perk" of 5% of the drained funds, amounting to nearly $400,000, to incentivize the hacker to return the stolen assets. Additionally, HTX has communicated this offer in Mandarin, emphasizing their commitment to resolving the issue. The exchange is also implementing real-time monitoring systems to prevent future incidents and has assured users that all losses will be covered.

What did Justin Sun say about the HTX hack and its implications?

Justin Sun, the creator of Tron and an advisor to HTX, stated that the $8 million loss is relatively minor compared to the $3 billion in assets held by users on the platform. He emphasized that this amount represents just two weeks of income for HTX, indicating the exchange's financial stability. Sun also committed to conducting live streams in both English and Chinese to discuss security measures and reassure users about their investments.

What challenges do investigators face in tracking stolen funds from HTX?

Investigators face significant challenges in tracking stolen funds due to hackers' tactics, which often involve using mixers or converting stolen assets into privacy tokens. These methods make it difficult to trace the flow of funds back to their original source. The timely intervention by Binance's security team is essential for overcoming these obstacles and increasing the chances of recovering the stolen cryptocurrencies.

What recent events preceded the HTX hack that may be relevant?

Just a day before the HTX hack, Mixin Network experienced a significant breach, losing nearly $200 million due to a compromise of its third-party cloud service database. This incident raises concerns about the overall security landscape within the cryptocurrency sector. The connection between these events highlights the vulnerabilities that exchanges face and underscores the need for robust security measures across platforms.