Justin Sun Admits $8 Million HTX Hack and Offers 5% of Recovered Funds

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Sun, the esteemed figure, has assured the safety of all customer funds, assuaging concerns regarding the recent hack that targeted crypto exchange HTX, formerly known as Huobi.

This audacious breach saw hackers absconding with a substantial sum – 5,000 Ether (ETH), an approximate value of $7.9 million.

In an extensive thread on X (formerly Twitter), Sun divulged intricate details surrounding the HTX hack.

He even daringly shared two of the hackers' wallet addresses, aiming to quell any trepidation that had gripped the customer base.

Sun's proclamation resounded confidently:

"HTX has sustained a loss of 5,000 ETH, equivalent to a staggering $8 million USD, as a consequence of this malevolent hacker assault. However, it brings me great satisfaction to affirm that HTX has diligently covered these losses and seamlessly resolved all ensuing complications. Rest assured, all user assets remain meticulously safeguarded, and our platform functions with its customary vitality."

Sun, seemingly undaunted by the severity of the hack, appended a follow-up post, where he rationalised the situation.

He asserted that the $8 million forfeiture paled in comparison to the staggering $3 billion in assets under the guardianship of HTX's esteemed clientele.

To put it in perspective, this sum equates to a mere two weeks' worth of HTX's revenue.

The billionaire advisor confidently attested to the swift detection of the hack and the prompt actions taken by HTX to avert any substantial losses, ensuring the expeditious restoration of normalcy to the platform.

Sun has extended an olive branch to the hacker, offering a substantial reward if they choose to make amends and return the pilfered funds.

Yet, this magnanimous gesture is counterbalanced by a veiled threat to involve law enforcement if the hacker opts for defiance. Sun's words were firm:

"We are prepared to extend a generous white hat reward, amounting to 5% of the purloined sum, a substantial $400,000 USD, in a sincere bid to motivate the hacker to make reparations. Should the hacker embrace this opportunity for redemption, we shall even consider their recruitment as a security white hat advisor for HTX. Nevertheless, if the ill-gotten funds do not find their way back within a span of seven days, we will, regrettably, be compelled to pass this matter into the hands of law enforcement authorities for due process and prosecution.”

In light of Huobi's recent celebration of its decade-long journey, marked by a transformative rebranding into HTX, significant developments have emerged.

This rebrand is characterized by an amalgamation of identities – 'H' for Huobi, 'T' for Sun's TRON, and 'X', a nod to exchange.

Signifying the Roman numeral for 10, 'X' pays homage to the company' 'storied history.

Furthermore, HTX has unveiled a resonant slogan: "HTX, Just Trade It."

Sun elucidated the rationale behind this rebranding, emphasising the quest for international recognition.

HTX aspires to be a global exchange, catering to a diverse clientele across the world, a vision slated for realisation over the coming years.

Sun elucidated this transformation during a press briefing at the Token 2049 crypto conference held in Singapore.

He underscored that HTX resonates more profoundly with English-speaking users, while the Huobi name retains its significance in Chinese-speaking regions.

In recent times, Sun has embarked on a crypto investment endeavor aimed at individuals seeking yields through Staked Tether (stUSDT).

Astonishingly, within a span of less than three months, this project has amassed an impressive investment pool, totaling a staggering $1.8 billion.

However, analysts have raised apprehensions regarding the potential threat stUSDT poses to Huobi Global.

This apprehension stems from the fact that stUSDT can only be accessed through Huobi, thus raising concerns about the potential vulnerability of the exchange in the face of a substantial outflow of funds.