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Huobi’s HTX Exchange Becomes Victim of $8 Million Hack Days After Controversial Rebranding

2 mins
Updated by Geraint Price
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In Brief

  • HTX exchange, recently rebranded from Huobi, suffers a significant $8 million hack, losing nearly 5,000 Ethereum.
  • Justin Sun reassures users that HTX has covered all losses from the hack, stating the amount equals two weeks' HTX revenue.
  • The hacking incident was first disclosed by Cyvers Alerts, not the exchange itself, raising concerns about transparency.
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HTX exchange has suffered an $8 million breach with hackers siphoning off nearly 5,000 Ethereum (ETH).

While the hacks are rampant in the crypto ecosystem, Justin Sun’s HTX exchange has become the latest target.

Justin Sun Assures Users

Justin Sun took to X (Twitter) to inform the community about the hack on Sept. 24. He assured users that the funds were safe and wrote:

“HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are #SAFU, and the platform is operating completely normally.”

Moreover, Sun claimed that the amount is relatively smaller than the total assets HTX users held. He boldly stated that the amount is equivalent to “just two weeks’ revenue for the HTX platform.”

While the hack happened on Sunday, users were not informed about it immediately. Sun’s posts on X only came after the blockchain security alert platform Cyvers Alerts informed users about the incident. Cyvers Alerts claimed it received no response from HTX despite its attempts to reach out.

Click here for our guide on early threat detection for crypto projects’ security.

Changpeng Zhao Makes Fun of Rebranding

Some community members have highlighted that the hack happened days after Huobi rebranded to HTX. A community member wrote:

“I’m sorry but renaming Huobi to HTX and then immediately losing millions of dollars is so funny that I might have a stroke.”

Even Changpeng Zhao, the CEO of Binance, joined the community in joking about the rebranding. He posted on X:

“A week after you rename your exchange after FTX…  Jokes aside, our security team will help in tracking hacker funds in all cases where we can.”

There have been various large hacking incidents targeting crypto platforms this month. Earlier on Monday, BeInCrypto reported that hackers stole over $200 million from the high throughput blockchain platform Mixin Network. The incident is considered to be the largest hack of 2023.

Before that, on Sept. 20, hackers drained $27 million from the crypto exchange CoinEx.

Click here to learn more about the 9 best P2P crypto exchanges for 2023.

Top 10 crypto hacks in 2023. Source: PeckShieldAlert's post on X (Twitter). HTX hack
Top 10 crypto hacks in 2023. Source: PeckShieldAlert’s post on X (Twitter)

Do you have anything to say about the HTX hack or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...