Heco Bridge and HTX Exchange Suffer $100+ Million Crypto Exploit

By: Eliza Bennet

Two crypto platforms linked to entrepreneur Justin Sun, the Heco bridge and HTX exchange, have experienced a significant attack leading to over a $100 million loss. Security companies such as Cyvers Alerts have pegged the loss at about $100 million, with notable losses including $19 million in Ethereum (ETH), $42 million USDT, and $18.8 million in Heco-Peg Bitcoin. Blockchain security company PeckShield also noted the theft of LINK, SHIB, and other assets, with the stolen assets being primarily converted to Ethereum and redistributed across multiple wallets.

This cybersecurity issue marks the third major compromise of a crypto platform associated with Sun, following similar incidents earlier in this month and in September. Rest assured, HTX has pledged to rectify losses from its hot wallet and temporarily suspended deposits and withdrawals while investigating the specific causes of this unprecedented attack.

Interestingly, the recent exploit raises concerns about the security of digital assets, especially as the global economy shifts towards embracing decentralized currencies. It demonstrates the importance for crypto platforms to consistently enhance their security measures to prevent similar occurrences in the future. Nevertheless, investors and stakeholders are confident that solutions will be implemented to prevent similar incidents as the crypto community works to build a secure digital economy.