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HTX exchange faces over $250 million in withdrawals after a major hack

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HTX exchange faces over $256 million withdrawal after a major hack Source: HTX

Between November 25 and December 10, the HTX exchange, formerly known as Huobi and associated with crypto mogul Justin Sun, saw a massive withdrawal of over $250 million.

This significant outflow occurred shortly after the exchange reopened after a significant hack in November, raising security and trust concerns among the cryptocurrency community.

HTX suffered $30 million in crypto token losses during the November hack, prompting a temporary suspension of withdrawals and deposits.

While HTX assured users of a thorough investigation and full compensation for hot wallet losses, the recent large-scale withdrawal suggests that clients are still concerned.

Justin Sun, who is linked to HTX, is also linked to Poloniex and Heco Bridge, both of which were hacked in November, resulting in approximately $200 million in crypto theft. The crypto community is becoming increasingly suspicious, raising fears of an exit scam.

In the aftermath of the hacks, HTX, which has a $1.6 billion average daily trading volume, is under scrutiny for its security and integrity.

The revelation that HTX’s reserve is primarily made up of Bitcoin and TRX complicates matters. Despite the fact that HTX recovered $8 million from the stolen funds in September, the hackers still have control of the $30 million taken in the recent breach.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.