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Bitcoin

Justin Sun said he expects functionality for other cryptocurrencies to gradually be reinstated with full services returning by next week.

Bitcoin (BTC) deposits and withdrawals have returned to the Justin Sun-linked crypto exchange HTX, formerly Huobi, after it suffered a $30 million exploit on Nov. 22.

In a Nov. 26 blog post, HTX said deposit and withdrawal functionality is back for multiple currencies, including BTC, Ether (ETH), Tron (TRX) and Tether (USDT).

In a later post on X (Twitter), Justin Sun said HTX aims to gradually bring back functionality to the remaining cryptocurrencies, which he expects to be done “by next week.”

The majority of the work has been accomplished, and we aim to restore the remaining currencies gradually in the next few days, with all work expected to be completed by next week.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 26, 2023

HTX’s exchange hot wallets were drained of $30 million and was one of the four hacks in half as many months on Sun-linked or controlled crypto platforms.

The HTX Eco (HECO) Chain bridge — consisting of HTX, Tron and BitTorrent, all linked to or controlled by Sun — was attacked for $86.6 million on the same day as HTX.

The Sun-owned crypto exchange Poloniex also suffered a $100 million attack on Nov. 10, which blockchain security firm CertiK said was likely due to a private key compromise.

On Sept. 24, shortly after Huobi was rebranded to HTX, an attacker stole nearly $8 million in crypto from the exchange’s hot wallet.

Magazine: Asia Express: HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0

Justin Sun-related crypto platforms hacked 4 times in 2 months

November 23, 2023 Coin Telegraph

Coin Telegraph

Justin Sun’s cryptocurrency exchange HTX has been hacked twice since rebranding from Huobi in September 2023, raising questions from the crypto community.

Tron founder Justin Sun's crypto businesses have come under repeated attack from hackers over the past two months, with at least four hacks of the largest exploits targeting platforms related to the crypto entrepreneur.

Sun’s HTX crypto exchange has been hacked at least twice since the platform rebranded from Huobi on Sept. 13, 2023. The first HTX hack occurred just a few days after the rebranding, with an unknown attacker stealing nearly $8 million in crypto on Sept. 24, 2023.

In its second hack, HTX reportedly lost $13.6 million due to a hot wallet breach in an incident that affected the wider HTX, Tron and BitTorrent ecosystem. Previously known as Huobi, HTX was acquired by Sun in October 2022.

The hackers have also focused on other Sun-related cryptocurrency platforms, including Sun-owned cryptocurrency exchange Poloniex and Huobi’s HTX Eco Chain (HECO) bridge.

Poloniex suffered a significant security breach on Nov. 10, when attackers stole at least $100 million in cryptocurrency from the exchange. Sun, who acquired the business in 2019, reported on X (formerly Twitter) that Poloniex disabled the wallet. According to the blockchain security firm CertiK, the incident was likely a “private key compromise.”

Huobi’s HECO chain bridge, a tool designed for moving digital assets between HECO and other networks like Ethereum, also suffered a massive breach. On Nov. 22, unknown hackers compromised HECO, sending at least $86.6 million to suspicious addresses.

The platforms lost a combined sum of around $208 million in all four hacks over the past two months. Despite Tron founder Sun’s promise to compensate losses for all four incidents, some crypto enthusiasts have urged the community to stay away from Poloniex and HTX, with several questioning who might be involved in the hacks.

One crypto observer argued that Sun is “clearly in big trouble,” noting that Poloniex has been closed for five days and HTX offers 100% interest on cryptocurrencies like Bitcoin.

*HTX’s interest offering for Bitcoin. Source: HTX Earn*

HTX did not immediately respond to Cointelegraph’s request for comment.

The ongoing speculation comes months after the United States Securities and Exchange Commission filed a civil lawsuit against Tron Founder Sun, charging him and his companies like Tron and BitTorrent for fraud and other securities law violations in March 2023.

A U.S. court subsequently issued a summons to Sun’s Singapore address concerning the case in April 2023. In August, the SEC said that its litigation against Sun was ongoing.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

HTX’s Justin Sun claims record profits despite staff cuts

October 26, 2023 Coin Telegraph

Coin Telegraph

The blockchain personality claims that his exchange recorded a profit of $98 million in Q3 2023.

Chinese blockchain personality Justin Sun, who also serves as the de facto owner of crypto exchange HTX (formerly Huobi Global), claims that the firm posted a profit of $98 million in Q3 2023.

According to the October 26 thread, Sun says that HTX generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. For Q4 2023, Sun projects that HTX will generate $190 million in revenue, along with $88 million in expenditure, for an estimated profit of $104 million.

"The entire third quarter was a severe quarter for the industry," said Sun, mentioning that the U.S. Federal Reserve's high interest rates led to an industry-wide decline in revenues. "But we still maintained the growth rate of revenue. The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative," he added.

Looking forward, Sun believes that the nadir of the crypto bull market is nearly over. "In Q4 this year and Q1 next year, the crypto market will usher in spring recovery. We have firm confidence in the continued improvement of overall financial indicators," he wrote.

Despite Sun's outlook, not all has been well with HTX's operations. During the Token2049 event in Singapore last month, Edward Chen, managing director of HTX Ventures, revealed in a panel that the exchange has reduced its staff count from 2,500 early this year to 900. In January, the exchange allegedly crushed an employee revolt after many staff salaries were cut and bonuses removed due to falling revenues.

三季度结束了，三季度实际收入为2.02亿美元，支出为1.04亿美元，盈利为9800万美元，环比增长14%，集团增收降本措施持续见效。四季度预测收入为1.9亿美元，支出8800万美元，盈利为1.04亿美元。 https://t.co/8cBsL4v7vn
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 26, 2023

Huobi, KuCoin, over 140 crypto exchanges ‘non-authorized’ — UK regulator

October 9, 2023 Coin Telegraph

Coin Telegraph

The FCA’s list of registered crypto asset providers includes 42 entities and hasn’t changed since August.

The United Kingdom’s financial markets regulator, The Financial Conduct Authority (FCA), had a busy Sunday on Oct. 8, as it added several crypto exchanges to its warning list of non-authorized firms that customers “should avoid.”

A total of 143 new entities were added to the warning list, including major exchanges, such as Huobi-owned HTX and KuCoin. The warning list doesn’t reveal much apart from the statement, “You should avoid dealing with this firm.”

However, in the U.K., firms permitted to “carry out crypto asset activities” must either be registered with the FCA or have been granted temporary status to operate. In July, Jayson Probin, crypto financial promotions lead at the FCA, suggested that failure to comply could result in criminal charges:

“We will take robust action against persons illegally promoting to U.K. consumers. This may include, but it is not limited to, placing firms on our warning list requesting take downs of websites, social media accounts, apps and all other promotions that are in breach, and enforcement action.”

In August, the FCA revealed that since 2020, it has received 291 applications for registration and approved only 38 of them, which is roughly 13%. At the time of publication, the FCA’s list of registered crypto asset providers includes 42 entities, such as Bitstamp, Revolut and Gemini.

PayPal has recently halted crypto transactions for its U.K. customers until it figures out how to comply with the FCA’s requirements. Dubai-headquartered cryptocurrency exchange Bybit also suspended all its services in the U.K. in late September due to “regulatory changes.”

HTX claws back $8M in stolen funds, issues 250 ETH bounty to hacker

October 8, 2023 Coin Telegraph

HTX claws back M in stolen funds, issues 250 ETH bounty to hacker

Coin Telegraph

HTX was drained of 5,000 ETH in late September, and moved swiftly to get the funds back from the hacker.

Huobi Global’s crypto exchange HTX has confirmed the return of the funds stolen by a hacker in late September and issued a 250 Ether (ETH) bounty after resolving the issue.

One of HTX’s hot wallets was drained of 5,000 ETH on Sept. 25, worth roughly $8 million at the time. Shortly after the hack occurred, the firm contacted the hacker and claimed to know their identity.

HTX ultimately offered to pay a 5% bounty worth around $400,000 and to not take any legal action if they returned 95% of the funds before a deadline of Oct. 2.

It looks like the HTX/Huobi hacker has returned the funds (4997 ETH)

0x48bd1179529343c7a970045290fd2b0b1d946f64e17c443a528e24bf7cdbb817 pic.twitter.com/MknehuhM6x
— ZachXBT (@zachxbt) October 7, 2023

In an Oct. 7 X post, Huobi Global investor and HTX adviser Justin Sun noted: “The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help!”

“Strengthening blockchain security and protecting user assets is never an easy task, and we have been working tirelessly! Providing full security for user assets is always our goal to strive for! We are thankful for the continued support of our users and community!” he added.

We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hack a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help! https://t.co/SwY49A25h2
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 7, 2023

Hackers have been rampant in the third quarter of 2023. According to a recent report from blockchain security platform Immunefi, there have been 76 hacks on crypto and Web3 projects/firms in Q3 2023, compared to 30 from Q3 2022.

During the same week of the HTX hack, decentralized cross-chain protocol Mixin Network was also exploited for around $200 million after the attackers breached a third-party cloud service provider.

Mixin Network offered a $20 million bug bounty if they returned the funds, however, the feasibility of getting the funds back appears slim.

On Oct. 6, Anne Neuberger, the deputy national security advisor for cyber and emerging technology, suggested to Bloomberg that North Korean hackers may be behind the Mixin exploit.

“The tradecraft appears to be the same kind of tradecraft we’ve seen from the DPRK previously,” she said.

Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis

Justin Sun Offers 5% Reward for Hackers That Stole $8,000,000 From Crypto Exchange HTX

September 27, 2023 The Daily Hodl

Huobi

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