Crypto Firms Tied To Justin Sun Lose $115 Mn In Hack: Report
Two cryptocurrency companies affiliated with prominent digital entrepreneur Justin Sun have fallen victim to two hacks, potentially resulting in the theft of up to USD 115 million, as reported by the media.
The targeted platforms encompass the HTX digital currency exchange, previously known as Huobi, where hackers absconded with approximately USD 30 million in cryptocurrencies, as confirmed by the company. HTX also acknowledged an attack on the blockchain bridge Heco Chain, as per a media report.
Justin Sun, an investor in HTX and connected to the Heco Chain, verified the incidents on social media. He stated, "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."
Sun assured that the company is actively investigating the specific reasons for the hack and pledged to resume services once the investigation is complete.
CryptoQuant, a market analytics firm, revealed that a total of USD 85.4 million in cryptocurrency had been pilfered from the Heco Chain, mainly in stablecoin USDT and ether. The theft also included a substantial amount of HBTC, HTX's native coin.
Data from CryptoQuant indicated the movement of approximately 11,100 ether tokens, valued at around USD 23 million, from the HTX exchange in recent hours. A spokesperson for CryptoQuant clarified that this movement is a consequence of both hackers taking digital coins and individuals attempting to withdraw their funds from the exchange.
Simultaneously, illicit activities in the cryptocurrency space have seen over USD 7 billion laundered through cross-chain crime. North Korea's Lazarus Group has been linked to the theft of approximately USD 900 million between July 2022 and the same month of the following year.
