The total outflow from HTX amounted to $250 million post the November hack incident.
Significant withdrawals occurred from the crypto exchange due to security breaches at three platforms associated with Justin Sun, namely Heco Bridge and Poloniex.
Between November 25, when HTX resumed operations, and December 10, approximately $258 million worth of assets were withdrawn by crypto users. This data, sourced from DefiLlama, reflects uncertainties surrounding the safety protocols at the crypto exchange.
Following the hack on November 22, wherein HTX experienced a breach resulting in the siphoning of over $23 million, the platform, previously known as Huobi, faced net outflows.
The Heco Bridge, a cross-chain protocol supported by Sun, was also exploited, resulting in approximately $85 million in losses. Overall, the breach led to cumulative losses exceeding $100 million.
Previously, hackers managed to abscond with $100 million in cryptocurrencies from Sun’s Poloniex exchange.
Additionally, HTX encountered a loss of $8 million due to malicious actors in September 2023, although the funds were later returned in October. These incidents sum up to a total of four separate hacks within three months, causing losses exceeding $220 million.
In response to these security breaches, Sun offered a $10 million bounty to the hacker responsible for the Poloniex incident, urging the return of stolen funds. He also committed to fully compensating affected users in the HTX and Heco Bridge cases. Furthermore, an airdrop was announced by the Tron blockchain's founder.
At the time of reporting, HTX was ranked 17th among the top 20 centralized crypto exchanges, boasting an average daily trading volume of $1.6 billion, according to CoinMarketCap. HTX's reserves primarily consisted of cryptocurrencies like HT (the platform’s exchange token), HBTC, Bitcoin (BTC), and staked Ether (stETH).
