A total of $115 million may have been taken so far from two cryptocurrency sites connected to well-known digital entrepreneur Justin Sun through two hacking incidents.
According to a statement released by the business on Wednesday, among the projects that are being targeted is the HTX digital currency exchange, which was previously known as Huobi and from which hackers stole approximately $30 million worth of cryptocurrency.
Heco Chain, a purported blockchain bridge, was also compromised, according to HTX.
Sun, a Heco Chain associate and HTX investor, verified the incidents.
To facilitate the quick exchange and transfer of multiple cryptocurrencies, a blockchain bridge links disparate networks. It has been demonstrated that these chains are hacker-friendly.
The market analytics company CryptoQuant estimates that the Heco Chain has seen cryptocurrency thefts totaling $85.4 million. The main currencies used were ether and the stablecoin USDT.
Also taken was a sizable quantity of HBTC, the native cryptocurrency of HTX. Based on statistics from CoinGecko, the price of HBTC was down over 5% from the previous day.
For comment on Heco Chain’s losses, CNBC has contacted HTX.
“Has implemented urgent actions to protect user assets,” according to HTX, which is also identifying the source of the attack. As a “precautionary measure,” the exchange has decided to temporarily halt deposit and withdrawal capabilities for both Heco Chain and HTX.
It added that it will “completely pay for any damages incurred owing to the hot wallet attack.” A bitcoin wallet with an internet connection is referred to as a “hot wallet.”
Source (CNBC)
