HTX Recovers $8 Million in Stolen Funds, Offers 250 ETH Reward to Unmask Culprit

Huobi Global’s cryptocurrency exchange, HTX, successfully retrieved the 5,000 ETH stolen by a hacker in late September, swiftly taking action to resolve the security breach. The stolen amount, valued at approximately $8 million during the incident, was drained from one of HTX’s hot wallets on September 25. Following the hack, HTX engaged with the hacker, asserting knowledge of their identity.

To facilitate the recovery process, HTX proposed a resolution strategy. The firm offered a 5% bounty, equivalent to about $400,000, and pledged not to pursue legal action if the hacker returned 95% of the funds by the specified deadline of October 2. An update on October 7 by Justin Sun, an HTX adviser, expressed gratitude for the cooperation, stating, “The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help!”

Justin Sun acknowledged the challenges of enhancing blockchain security and safeguarding user assets. He emphasized the ongoing commitment to ensuring the full security of user assets and thanked the users and community for their unwavering support.

The third quarter of 2023 has witnessed a surge in hacking incidents. According to a recent report from blockchain security platform Immunefi, there were 76 hacks on crypto and Web3 projects and companies in Q3 2023, a significant increase compared to 30 in Q3 2022.

In a parallel incident during the same week as HTX’s hack, Mixin Network, a decentralized cross-chain protocol, fell victim to an exploit resulting in approximately $200 million in losses. Mixin Network extended a $20 million bug bounty for the return of the funds, although the prospects of recovery remain uncertain.

Anne Neuberger, the United States Deputy National Security Adviser for Cyber and Emerging Technology, suggested on October 6 to Bloomberg that North Korean hackers might be responsible for the Mixin exploit. She noted similarities in the tradecraft employed, reminiscent of tactics previously associated with the Democratic People’s Republic of Korea (DPRK).