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HTX Faces $30M Hack, 100K Koreans Test CBDC, Binance 2.0 Revealed

Key Takeaways
  • HTX plans to resume services within 24 hours following the $30 million hack, implementing enhanced security measures for a more secure future.
  • The reported hack value initially of $30 million had an earlier estimate of $13.6 million, signaling an evolving understanding of the exploit's scale.
  • Vulnerabilities in security infrastructure, social engineering risks, potential internal breaches, and system complexity contributed to the HTX wallet hack.
24-Nov-2023 By: Sudeep Saxena
HTX Faces $30M Hack,

HTX going to restore its services within 24 hours after hack

If we talk about the last two months, the HTX exchange (previously known as Huobi Global) had its fourth hack, losing $30 million from a wallet theft on November 22. They've promised to repay all the lost money and ensure users' funds are safe. Another incident involved an $86.6 million exploit on their HECO bridge. Investigations are ongoing.

Before this, in September, HTX lost $7.9 million to a hack, followed by a $100 million hack on the Poloniex exchange in November, which is linked to HTX. 

Justin Sun's Pledges and HTX's Security Concerns

Justin Sun, a big name in Chinese blockchain who's closely tied to HTX and Poloniex, guaranteed compensation for the losses and temporarily paused deposits and withdrawals to protect funds.

Earlier in the year, Huobi rebranded as HTX but faced various problems, including rumored internal issues. Despite their reassurances, these hacks have raised concerns about the exchange's security.

Originally disclosed at $13.6 million during the incident, the reported value of the exploit has undergone an increase over time. This suggests that further examination or ongoing developments have revealed a larger extent of the exploit's impact or financial repercussions.

The initial assessment might have been revised as more information or details emerged, leading to a reassessment and upward adjustment in the estimated value of the exploit.

Now HTX is going to restore their services within 24 hours of the $30 million hack. They will come up with all the necessary measures that will be implemented for a secure future. In fact, social media platforms are trying to find the best solutions for increased hacking.

Main causes of the HTX Wallet Hack

The reasons behind the HTX wallet hack can stem from various vulnerabilities within the exchange's security infrastructure.

Insufficient security measures or inadequate encryption methods might have made it easier for hackers to breach the system.

Cybercriminals often use phishing techniques or social engineering tactics to trick employees or users into revealing sensitive information, which could lead to security breaches.

Outdated software or unpatched vulnerabilities in the exchange's systems could have been exploited by hackers.

In some cases, internal security breaches caused by disgruntled employees or individuals with access to sensitive systems can lead to hacks.

As systems become more complex, there might be more potential vulnerabilities that hackers can exploit.

Also read: MiCA Legislation Safeguarding Crypto Amid FTX and Binance Issues

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