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Over $85 Million Transferred From HECO Bridge to Suspicious Address

2 mins
Updated by Geraint Price
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In Brief

  • On-chain security platform, Cyvers Alerts, detected suspicious activity on the HECO chain bridge with over $85 million received.
  • Hackers reportedly swapped the stolen assets to Ethereum (ETH) and sent the funds to various externally owned accounts.
  • According to Cyvers founder, Meir Dolev, the same entity is responsible for both HECO chain and HTX incidents, totaling around $100 million loss.
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On-chain security platform Cyvers Alerts has detected that suspicious addresses have received over $85 million from the HECO chain bridge, which suggests an exploit may be underway.

Bad actors are repeatedly targeting the crypto mogul Justin Sun’s platforms. However, very few details about the hackers’ identity or if the same entity is causing the incidents are available.

HECO Chain And HTX Suffer Exploit

According to Cyvers, the HECO chain has reportedly suffered from an over $85 million exploit. Details are still emerging. In 2022, Justin Sun merged the TRON and BitTorrent bridge ecosystem with HECO.

Cyvers further reported that hackers swapped the stolen assets to Ethereum (ETH) and sent the funds to different externally owned accounts (EOAs)

Read more: How To Buy Ethereum (ETH) With a Credit Card: A Step-by-Step Guide

$85 Million Drained From HECO Bridge
$85 Million Drained From HECO Bridge. Source: Cyvers Alerts

Along with the HECO chain, Justin Sun’s crypto exchange HTX suffered from a hack again. Cyvers estimates that the total loss is around $12.4 million.

Meir Dolev, the founder and CTO of Cyvers, said that the same entity is responsible for today’s HECO chain and HTX incidents. According to Dolev, in total, around $100 million has been lost in these two incidents.

Also, in September, the HTX exchange became a victim of an $8 million exploit. PeckShield suggests that the exploits are due to a compromised operator.

Lately, Justin Sun’s various projects have suffered from hacks. For example, earlier this month, BeInCrypto reported the Poloniex exchange suffered a $117 million hack.

Justin Sun took to X (Twitter) to say:

HTX will fully compensate for HTX’s hot wallet losses. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”

Read more: Crypto Project Security: A Guide to Early Threat Detection.

Do you have anything to say about the HECO bridge exploit 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 excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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