Friday, June 21, 2024

Crypto exchange HTX loses $258mn in withdrawals

Leading crypto exchange HTX has witnessed a net outflow of $258 million after a $30 million hack in November, the media reported.

As per DefiLlama data, crypto users withdrew assets worth between November 25, after HTX resumed operations, and December 10, reports crypto.news.

Following a hack on HTX on November 22, over $23 million was siphoned from the platform formerly known as Huobi.

Additionally, the Heco bridge, a cross-chain protocol backed by the high-profile digital entrepreneur Justin Sun, was also exploited, leading to losses of approximately $85 million.

The total amount lost due to the breaches amounted to more than $100 million. Prior to that, hackers stole $100 million in crypto from Sun’s Poloniex exchange, and HTX lost $8 million to bad actors in September 2023, however, the funds were later returned in October, the report mentioned.

The events amount to four separate hacks in three months with over $220 million in losses.

According to CoinMarketCap, HTX ranked 17th among the top 20 centralised crypto exchanges and had an average daily trading volume of $1.6 billion at press time.

In September, Hong Kong-based crypto company Mixin announced that the hackers stole around $200 million in a data breach that occurred on September 23.

After learning about the data breach, the company temporarily suspended the services.

“In the early morning of September 23, 2023, Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets,” the company wrote on ‘X’.

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