Following an attack on the cryptocurrency exchange HTX (previously known as Huobi) on November 22, which led to a $30 million loss and temporary suspension of services, investors have been moving their assets away from the platform.
Data from DefiLlama reveals that between November 25 (when HTX resumed its services) and December 10, the exchange encountered net outflows totaling approximately $258 million. As per DefiLlama, HTX's reserves currently consist of around 32.3% Bitcoin and 31.8% TRON, which is the native currency of the Tron network established by Justin Sun in 2017.
As of the present time, HTX ranks as the 16th largest cryptocurrency exchange by daily trading volume, registering a total trading volume of $1.6 billion in the past 24 hours, as per data from CoinMarketCap.
Justin Sun, following HTX's resumption on November 25, pledged full compensation to all affected HTX users for losses incurred in the hot wallet and assured an ongoing investigation into the matter. Over the past two months, HTX and other Sun-associated entities like Poloniex cryptocurrency exchange and the HTX Eco-Chain (HECO) bridge have faced four hacking incidents.
The initial breach took place shortly after HTX rebranded to HTX when an unknown attacker pilfered nearly $8 million in cryptocurrency on September 24, 2023. Among these breaches, the most significant occurred on November 10, resulting in a $100 million loss at the Poloniex exchange, allegedly due to private key leakage.
HTX's HECO chain bridge, a mechanism enabling the transfer of digital assets between HTX and various blockchain networks, also encountered a significant breach on November 22. During this event, hackers exploited HECO, redirecting at least $86.6 million to suspicious addresses.
November 2023 marked the worst month for cryptocurrency theft, totaling $363 million in illicitly acquired digital assets, attributed to hacks and malicious activities in the crypto space.
