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Cryptocurrency Exchange HTX Resumes Bitcoin Services Following $30 Million Hack

Digital currency trading platform, HTX has started to reinstate Bitcoin services following a hack attempt. On this account, Justin Sun posted on social media retaining that the functionality for all the other cryptocurrencies will undergo a gradual restoration.

HTX to Resume Deposits and Withdrawals

He noted that all the services will be restored by next week. Therefore, the account holders on the trading platform will be able to make deposits and withdrawals.

The trading platform that was formerly dubbed as Huobi reported that it was hit by a $30 million hack attempt on 22nd November. The official blog of the trading forum reported that withdrawals and deposit features have been disabled from the trading platform for all currencies such as Bitcoin, Ethereum, Tron, and Tether.

He further noted that the platform is now reinstating the halted services and will resume to normal state by next week.

HTX Faces 4 Cybersecurity Attacks

Hackers drained $30 million out of the wallet reserves from HTX. The trading platform suffered from a series of 4 attacks during the span of two months. Eco Chain Bridge or HECO Chain is made of Tron, BitTorrent, and HTX that are interlinked and managed by Sun.

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This bridge also suffered from a $86.6 million attack on the same day as HTX trading platform. Another exchange owned and operated by Sun named Poloniex also suffered from a $100 million attack on 10th November.

Blockchain security analytics CertiK noted that the attackers used private key to breach the platform. Huobi was rebranded from Huobi to HTX in September and the platform faced another major attack leading to the theft of $8 million from the wallet account.

Poloniex exchange has reported that it is resuming operations after undergoing a major hack attack on 10th November.

Poloniex also Faced Hack Attacks

Poloniex exchange was purchased by Justin Sun in 2019. The trading platform faced a hack attack following its acquisition. On this account, the trading platform disabled the wallet account and informed the users that it was investigating the hack incident.

Sun told affected investors that all involved parties will receive the lost funds. Poloniex further informed the investors about its healthy financial status.

The firm also paid $7.6 million as part of the settlement agreement with Treasury Department of United States. The Office of Foreign Asset Control charged the platform with more than 65 thousand counts of violations for various sanction programs.

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Meanwhile, the trading platform reported that it is currently operating smoothly and working with a top cybersecurity auditing firm to detect and intercept all possible breach points. The firm further noted that will also resume withdrawal services after the completion of security audit and verification process.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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