HTX Outflow Reaches $258M Post-Hack

The platform, linked to Chinese entrepreneur Justin Sun, saw HTX outflow reaches $258M between resuming operations on November 25th and December 10th, according to data from DefiLlama. This exodus suggests that some customers remain wary of the exchange’s security after the breach.

The hack itself resulted in the theft of $30 million in crypto tokens, prompting HTX to temporarily suspend withdrawals and deposits. Despite claims from Sun that a full investigation is underway. Despite claims from Sun that a full investigation is underway and that the exchange would compensate for losses, neither he nor HTX representatives have responded to requests for comment regarding the recent outflows.

This incident adds to a string of security breaches within Sun’s crypto network. In November, both the Poloniex exchange and the HECO Bridge, a platform facilitating cross-blockchain transfers, were hacked, leading to the loss of approximately $200 million in crypto. Sun’s ventures and raise concerns about the security of his platforms. With millions of dollars flowing out of HTX, it remains to be seen how the exchange will regain the trust of its users.

See also  What are Sidechains?