HTX crypto exchange struggling badly following 4 major hacking incidents

On-chain transaction records showed that the majority of the HTX customers are in panic & are not in the mood to keep funds on the HTX crypto platform.

HTX is a popular crypto trading platform, formerly known as Huobi Global. Early this year, a popular crypto entrepreneur acquired Justin Sun acquired the majority of the shares of Huobi Global for $1 billion but publicly he denied such claims. In 2019, Justin acquired the Poloniex crypto exchange. He also founded & co-founded multiple crypto tokens e.g. Tron (TRX), BitTorrent (BTT), Just coin (JST), Sun coin (Sun), Winklink (Wink), ApeNft (Ape) etc. 

In the last 30 days, between 25 Nov to 10 Dec, the HTX exchange saw an outflow of more than $258 million worth of crypto assets from the platform.

This rapid outflow of funds from HTX is taking place because of the panic among HTX customers. The majority of the HTX customers not feeling safe about the security of the cryptocurrencies on the HTX platform. 

On 22 Nov 2023, An unknown hacker compromised the HTX platform’s security & stole nearly $30 million worth of cryptocurrencies.

To compensate for the customer’s loss that occurred in the hacking incident, HTX’s reserves comprise 32.3% Bitcoin, and 31.8% Tron (TRX). 

However, HTX exchange owner Justin confirmed that the exchange will fully compensate for the loss the customers faced but it is not enough for the HTX customers for future incidents.

Alongside HTX’s hacking incidents, Justin’s other crypto exchange Poloniex was hacked. In that incident hacker drained nearly $100 million worth of cryptocurrencies.

Records showed that November was the best month for the crypto hackers. Hackers made $363 million from hacking attacks in the crypto sector. The majority of thes crypto assets were stole by the hackers from Justin’s crypto platforms..

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