Crypto exchange HTX, formerly Huobi, has raised concerns after abruptly disabling its proof-of-reserves system, according to Adam Cochran, managing partner at Cinneamhain Ventures. This unexpected move coincides with TrueUSD (TUSD), which is alleged to be owned by HTX stakeholder Justin Sun, struggling to maintain its $1 peg for more than two weeks. Earlier today, attempts to access HTX’s proof-of-reserves page revealed a complete lack of information about the exchange’s cryptocurrency reserves. This included missing data on reserve rates, wallet balances, and user asset totals. Although the page is now back online, the timing of this temporary outage raises concerns, especially
HTX Ventures, the global investment arm of the HTX crypto exchange, has invested in Academic Labs, a Web3 education platform. Through its token and NFT systems, the investment aims to enable Academic Labs to expand its offerings, providing more introduction opportunities to new Web3 users and improving educational engagement among existing users. Academic Labs uses AI and Web3 technologies to enhance the educational experience, providing courses on essential skills such as software development, trading strategies, business English, and startup foundations. The platform uses Adaptive AI to gamify practical learning, providing an innovative approach to education. Academic Labs has introduced three
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
The crypto-focused YouTube channel “Discover Crypto” recently raised concerns about the HTX exchange and Tron founder Justin Sun, drawing parallels to the difficulties faced by FTX’s Sam Bankman-Fried. According to the channel, Sun’s business operations may face similar issues as FTX. The host of Discover Crypto expresses concerns about Justin Sun’s management style, implying similar risks to those faced by Sam Bankman-Fried. Sun, who founded the multibillion-dollar Tron blockchain, is currently being investigated for his previous actions. The channel sheds light on contentious events in Tron’s history, such as how Sun allegedly earned more than $70 million from Tron’s ICO
Cryptocurrency exchanges HTX and Heco Chain, both associated with Justin Sun, were hacked, resulting in a staggering $97 million loss. Justin Sun assured users that HTX would compensate them for any losses incurred as a result of the breach. All deposits and withdrawals on the platforms are currently suspended while investigations into the root cause of the security breach continue. “We’re actively investigating the hack,” Sun said in a statement, “and once we identify the cause, we will resume our services.” A blockchain security firm discovered $85 million in suspicious transactions linked to the hack, indicating a breach of the
Earlier this week, cryptocurrency exchange HTX, formerly known as Huobi, experienced a significant security breach. Around 5,000 Ether (ETH), valued at $7.9 million, was stolen by a hacker who compromised the exchange’s hot wallet, making off with the assets in a single sweep. In response to the breach, Tron founder and HTX advisor Justin Sun reassured users that their assets would be safe and the exchange would cover the losses. However, HTX took a unique approach by leaving an on-chain message for the hacker. They offered a 5% white-hat bounty and gave the hacker seven days to return the funds.
In the fast-paced world of cryptocurrency, timely intervention is crucial when a hack occurs. Recently, HTX (formerly known as Huobi) reported a hack resulting in a loss of $8 million. To combat such cyberattacks, Binance CEO Changpeng “CZ” Zhao stepped in to offer the help of Binance’s security team in investigating the incident. The swiftness of addressing crypto hacks is essential, as hackers often try to cover their tracks by using mixers or converting stolen funds into private tokens. On September 24, blockchain analytics platform Cyvers detected a hack that drained 5,000 Ether (ETH) from one of HTX’s hot wallets.