Topic: Crypto exchange HTX sees outflows top $258M following exploit (Read 136 times)

I had such experience with Yobit and Poloniex in the past even though the stuck amount was about hundreds still they can't force you to keep the tokens/coins forever in there but if there is any trading pair opens for the coin that has been closed for the withdrawal then never hesitate even though if the selling price is low than you expected then you may able to get something instead of waiting along with frustrated mindset.

I have already experienced such a scenario and honestly, you can't do anything about it when you want to get back your coins from their exchanges because they completely stop the flow of withdrawal and you don't have any other choice but to wait for them to open it back. You can search it on YouTube when Okex has closed their withdrawal in the past and while my XRP is inside their exchange, there are lots of FUDS going on around in the social media where you can read that they will never come back again which is frustrating because I have lots of money in their exchange.

An update was provided by Justin Sun regarding the 200 Million hacked assets from both their platform.

Crypto mogul Justin Sun has said that assets held on HTX and Poloniex are “100% safe” after last month’s hack that saw more than $200 million siphoned out of both exchanges.

“And also be aware, since we have already covered all of the loss of tokens in the platform, on HTX and Poloniex, 100% of assets are 100% safe,” Sun added. “Even though in terms of exchanges itself, we need to basically earn those profits in the future. But for customer assets, it’s 100% safe.”
An HTX spokesperson told CoinDesk, “The recent outflow represents a small fraction of our total reserves, and HTX remains in stable, healthy operation.”

HTX has facilitated $1.6 billion in trading volume over the past 24 hours; Poloniex, meanwhile, has racked up $843 million,


HTX, Poloniex Assets Are '100% Safe' Says Justin Sun After $200M Hack

So, any victim of the hack can confirm that there is no loss to the customers due to this hack?

Tried to find out about the refund on lost funds on Reddit and there is no proof there as well so am not sure these statements are 100% true.

The exploit had happened in HTX bridge that is a part of heco chain ecosystem. The fund were stolen from a defi application not from the cex. Although I agree with your opinion about Justin sun and centralized exchange  but Decentralized application become a frequently target for exploit and hacking activity. Previously it was mostly centralized exchange but the situation has changed a lot since then. Actually at our current situation centralized exchange looks more secure than decentralized services.

This is all very strange. Justin Suns Poloniex Exchange also got hacked for a hundred million dollars. And what does Sun do? He freezes withdrawals except his own TRON shitcoin. This forces Poloniex users to trade their coin for TRON if they want to withdraw. He does not put up liquidity, making all altcoins on his exchange almost impossible to buy except at extremely unfair high prices. How is this not considered illegal market manipulation?

As common as hacks in crypto are, it still looks extremely suspicious. To me it seems like Sun is the "hacker".

It beats my imagination too on why someone who has been in the crypto space for some time will not learn that it's not safe to leave their coins in an exchange. Except for newbies who are not knowledgeable about the crypto market can make this mistake and it'll be understandable. The way exchanges are being hacked and are going down is now alarming, how can people regain full trust in there services again, these are very sad developments for the crypto industry. How can crypto adoption increase with these hacks and exchanges going down

I guess that the technology of exchanges are been compromised, and these might be the reasons for this ugly trend. An exchange in Nigeria, called Patricia, started it's services and within a short time it gained the trust of many customers, and before you know it was hacked, scammers made away with invested funds. Best thing is to do your transactions in exchanges and then move your coins into your none custodial wallet, where you have the full custody of your coins.

Can't really trust CEX exchanges especially if the owners are like Justine SUN what if they are all inside jobs , if you are cex user and your assets are all frozen you cant do anything about it, for now I only trust Binance among all CEX out there most transparent above them all, but always remember everything online is vulnerable to hacking so be very careful storing your assets in CEX for a long period of time.

Use exchange the way they're made to be. They're made to use just as their name is but still, many people use them as their cold storage, their holding wallet. It's not that right until they realize that their funds become frozen and they can no longer do their thing on it. If they are still not aware of many things happening from exchanges about hacking incidents, they're no longer free to reason out that they don't know. Their funds are in there so, they need to monitor everything that happens from the exchanges they use.

I really hope that people learn from all the negative experiences many other users had to go through and keep their coins on their own wallets, after all this is not the first hack that it has happened to an exchange and it surely is not going to be the last, hackers are simply too good and have too much time to infiltrate such large targets, so people need to keep their coins out of exchanges, and if they do not want to use a decentralized alternative, they need to exchange their coins and then get them out of the exchange as soon as possible.

You have heard of hacks and platforms freezing funds? that's why.

It's not adoption but it's about people's money. Forget about adoption, it's coming naturally and even the governments are adopting. This is all about the hard earned money of people and that's so much better if most of them are getting their funds off exchanges. And that is because the right thing to do before they even experience losing it actually.

How is Justin Sun offering 10% after the hacker was identified? I'm not sure that effort will be successful.

HTX does often experience attacks from hackers this has happened several times although some exchanges certainly experience the same thing, but strangely HTX is more often exploited because maybe their security is still vulnerable to any attack.

With a large amount of cash outflow, some may no longer trust the HTX exchange.

If you want a network/system of trust, then use fiat. I don't know about altcoins, but Bitcoin is a trustless network, you don't have to trust any entity and you shouldn't. People withdrawing their money out of centralized exchanges into their own custody is the best decision they can take.
Mind you that "decentralized exchange" is now somewhat of a buzz-phrase, there are quite a lot of services that are anything but decentralized, but they advertise themselves as decentralized services. In a decentralized exchange, there is no single point of failure, and the traders trade directly with their trading partners, and when the exchange does not hodl customers money or data, what is there to hack.

Crypto is supposed to be working on a trustless module so if we think that the reputation of the exchange is the key for the adoption then the system would eventually fail at some point but if people are adopting crypto for its decentralized nature then it will last long as it can. And people should be never store their cryptos in exchanges in the first place but the exchange claims to have the best possible custody that the user which somehow convinces most of the newbies then ends up filled with hot and cold wallets.

How is that good? It's just distrust for services. People withdrawing money because they are scared of losing it, and fear is not good for adoption. Trust is.

And this is not CEX vs DEX. Dexes and bridges get hacked all the time. In fact it's quite telling that new multi million dollar hack is barely in headlines anymore. And markets need to absorb those, and by doing that they are laundering money and that's just more ammo for regulators to tax us to ground. Or even to shut down. And before people say that crypto can't be shut down, they might be right, but regulators can drive the price and liquidity to grave from here, just by choosing right actions. This depends on several things, but constant hacks doesn't help adoption in any way.

If they don't lose it through a hack on the platform, then they'd prolly lose it if (or when) the exchange collapses. All of these are indications that the exchange's days are numbered, and that is why quite a lot of people are rightly moving their money out of it, i actually hope that majority of these people are moving these funds into their non custodial wallets and not into another exchange. It is crazy, but people actually do it, one exchange is about to collapse and they withdraw their money into another one, i don't know why it is so difficult for people to understand that they should keep their assets in their non custodial wallets only.

There is no denial in that any platform can be hacked including the government websites with the most strongest security measures so definitely we can't consider exchanges as a safe place for storage but it doesn't mean we should stop using them for trading which is buying and selling while what people doing is wrong it keep exchange as their wallet too unless they learn the lesson in the hard way.

This is no longer newsworthy when it comes to hacking. Even the largest global exchanges have a history of hacking incidents. This current year, one of the longest-standing exchanges in the crypto industry was also hacked. Even our local wallet had a similar experience, and it seemed like it was just shrugged off by them, everything became quiet. It seems that almost any exchange can be infiltrated by hackers, so sometimes you don't even know where to place your coins or tokens when you want to trade. That's why there's always a reminder not to treat exchanges as storage or hiding places for assets because you won't know when thieves will strike.

Much better.
People are learning from past experiences and also the alarm that's been seen with the exploit that has happened to them. Whether we like it or not, and how many times we keep on reminding them to not make these exchanges be a storage of their assets. Still, with these outflows, we see that there are still a lot of people that are keeping their holdings on them. They're not going to move it unless some big bad news of exploits and bankrupts come. If they're not following the news around then for sure that they'd keep most of their assets there until an announcement of possible no refund policy can happen.

The Justin Sun-linked crypto exchange HTX had $258 million in outflows after a $30 million exploit in November.

Crypto investors have been moving their assets away from crypto exchange HTX (formerly Huobi) following a Nov. 22 exploit that saw the exchange pause its services and lose a total of $30 million.

Between Nov. 25 — the day that HTX resumed its services — and Dec. 10, the exchange had some $258 million in net outflows,

Over the past two months, HTX and other Sun-linked entities, such as crypto exchange Poloniex and the HTX Eco Chain (HECO) bridge, have been hacked a total of four times.

The first HTX hack occurred less than two weeks after the exchange rebranded itself to HTX, with an unknown attacker stealing nearly $8 million in crypto on Sept. 24, 2023.

HTX’s HECO Chain bridge — a tool designed for moving digital assets between HTX and other blockchain networks — also suffered a massive breach on Nov. 22. Hackers compromised HECO and sent at least $86.6 million to suspicious addresses.

Meanwhile, November was the worst month for crypto theft in 2023, with hackers and other malicious actors making off with $363 million of ill-gotten digital assets.

Crypto exchange HTX sees outflows top $258M following exploit

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HTX formerly Huobi have been under a series of hack attacks in the last couple of months, it used to be one of the top reputed exchange on the crypto community but since the rebranding, security seems to be flawed and keep losing its balance, so I urge any users to drain their exchange wallet before a hacker does from HTX.