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Justin Sun Addresses HTX Customers After $8M Hack: ‘User Assets Are Sacred’

2 mins
Updated by Kyle Baird
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In Brief

  • Justin Sun, HTX addressed the community about crypto safety following an $8M hack, emphasizing user asset security.
  • HTX mitigated the hack's impact by changing the hot wallet address, setting up real-time monitoring, and establishing a 'SAFU' fund.
  • The exchange is reassessing its security measures, planning to introduce more security tools, collaborate with audit firms, and implement updates.
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In a recent live broadcast, HTX exchange’s Justin Sun addressed the community following an $8 million hack. The talk, titled ‘Talk to Justin Sun about Crypto Safety Issues,’ emphasized the sanctity of user assets.

Sun detailed the actions taken by HTX to mitigate the hack’s impact and protect user assets.

Justin Sun Breaks Down HTX Hack

The cyberattack, detected on September 24, 2023, triggered an immediate response from HTX. They promptly changed the hot wallet address, set up a real-time monitoring mechanism, and established the SAFU fund, similar to that of Binance.

These measures, Sun noted, ensured the protection of user assets and information, with most issues resolved within 24 hours post-attack.

HTX fully covered the losses from the hack, ensuring no financial detriment to its users. The exchange even proposed a 5% white-hat incentive, amounting to $400,000, urging the hacker to return the stolen funds.

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

Should the hacker comply within seven days, a position as a security consultant for the exchange awaits. Otherwise, HTX will turn the information over to authorities for prosecution.

Sun asserted,

“We encourage white hat ethical hacking and are confident in our ability to recover the funds. HTX has a proven track record of collaborating with authorities to apprehend hackers and will not tolerate any hacking activities.”

Reassessing Crypto Exchange Security Measures

In the aftermath of the attack, HTX claims to be working with professional security teams, blockchain institutions, and major exchanges like Binance to trace the hacker and the stolen funds.

While specifics of the ongoing investigation remain undisclosed, HTX commits to ensuring the hacker faces legal consequences if the funds aren’t returned.

Sun also addressed rumors of the incident being a marketing stunt for the exchange’s recent rebranding, dismissing such claims outright. He affirmed that HTX’s commitment to security and the sanctity of user assets would never allow exploiting a security incident as a marketing ploy.

Read more: 14 Best No KYC Crypto Exchanges in 2023

The hack has prompted HTX to reassess and enhance its security measures. The exchange also plans to introduce more security tools and technologies, collaborate with leading security audit firms, and implement additional security updates. Sun emphasized,

“Past experiences have taught us that security is an ongoing race, where we must continually adopt measures to ensure the security of user assets and fortify our security defense.”

The hack, while a significant setback, has reinforced HTX’s commitment to user asset safety, with Sun reiterating,

“Security is an eternal concern, and we will always prioritize the safety of user assets.”

Top crypto platforms in the US | February 2024
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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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