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Friday, March 01 2024

2 crypto firms linked to Justin Sun lose $115 mn in hack: Report

2 crypto firms linked to Justin Sun lose 115 mn in hack Report
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Image Source: “ETC Wallpaper – Cryptocurrency Hacker
by EthereumClassic is marked with CC0 1.0.

San Francisco: Two cryptocurrency firms associated with high-profile digital entrepreneur Justin Sun were hacked in two exploits that might have stolen up to $115 million to date, the media reported.

The targeted platforms include the HTX digital currency exchange (formerly Huobi), from which hackers stole around $30 million worth of cryptocurrencies, according to the company.

HTX also confirmed that the blockchain bridge Heco Chain, was also attacked, reports CNBC.

Sun, an investor in HTX and connected to the Heco Chain, also confirmed the events on X.

“HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured,” he wrote.

Sun also mentioned that the company is “investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services”.

According to the market analytics firm CryptoQuant, a total of $85.4 million worth of cryptocurrency has been stolen from the Heco Chain. It was largely denominated in stablecoin USDT and ether.

A significant sum of HBTC, HTX’s native coin, was also stolen.

The data from the market analytics firm also showed that around 11,100 ether tokens have been moved from the HTX exchange in the last few hours.

According to the spokesperson for CryptoQuant, this is around $23 million in cryptocurrency and is primarily the consequence of hackers taking digital coins, as well as a few people attempting to withdraw their funds from the exchange.

Meanwhile, over $7 billion in cryptocurrency has been illicitly laundered through cross-chain crime, with North Korea’s Lazarus Group being linked to the theft of around $900 million between July 2022 and July of this year.

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