HTX, Poloniex Assets Secure Despite $200M Hack, Claims Justin Sun

• Justin Sun Assures 100% Safety of Assets on HTX and Poloniex Following Recent Hack
• Bitcoin and Tron Trades
• Recovering from Hack
• Reassurance from Justin Sun
• HTX Statement
• HTX and Poloniex Announce Airdrop
• Trading Volume and Regulatory Scrutiny
• Legal Challenges

Justin Sun Assures 100% Safety of Assets on HTX and Poloniex Following Recent Hack

Crypto tycoon Justin Sun reassured stakeholders that assets held on HTX and Poloniex are completely secure. This comes in the aftermath of a hack last month where over $200 million were drained from both exchanges. Going forward, both platforms have initiated withdrawals for selected assets, even though some altcoins remain restricted.

Bitcoin and Tron Trades

Bitcoin$42,260 -0.64% (BTC) and Tron (TRX) are the two key digital assets that can be withdrawn, leading to both tokens trading at a premium on Poloniex over the past few weeks. This essentially implies that users were compelled to accept a cut of up to 10% to liquidate their assets and proceed with a different withdrawal.

Recovering from Hack

A halt on withdrawals was imposed after unknown actors stole $114 million from Poloniex's hot wallets on November 10; this was followed by an additional loss of $97 million from HTX and blockchain protocol Heco Chain. According to Justin Sun, both exchanges are now recovering from the hack, with HTX having already reinstated 95% in USD worth of assets and Poloniex having resumed around 85%.

Reassurance from Justin Sun

As an investor in Poloniex and an advisor for HTX, Sun seemed confident in the recovery process. He further reaffirmed that the losses on the platform were fully covered and therefore, assets on HTX and Poloniex are 100% safe. Sun added that although there is a need for the exchanges to earn future profits, the safety of customer assets is guaranteed.

HTX Statement

An HTX spokesperson validated Sun's assurances stating, The recent outflow represents a small fraction of our total reserves, and HTX remains in stable, healthy operation."

HTX and Poloniex Announce Airdrop

In a bid to alleviate the concerns of users with funds on both exchanges, HTX and Poloniex have announced an airdrop valued at $1 worth of tether (USDT). A snapshot will be taken, and users will receive one airdropped token for every U.S. dollar worth of tokens they hold on the exchange.

Trading Volume and Regulatory Scrutiny

HTX facilitated $1.6 billion in trading volume over the past 24 hours, while Poloniex racked up $843 million, as reported by CoinMarketCap. Justin Sun became a remarkable figure in the crypto industry when he founded the Tron blockchain, raising $70 million in a 2017 initial coin offering (ICO). With a market cap of $9.1 billion, Tron is currently the 11th largest cryptocurrency and the second largest blockchain in volume, with $7.9 billion in total value locked (TVL).

Legal Challenges

Alongside Sun's rise to success with Tron came regulatory scrutiny. The Securities and Exchange Commission (SEC) filed a lawsuit against Sun earlier this year, alleging that TRX was a security. An extension was granted to Sun's legal team to respond to that lawsuit earlier this week, according to related court documents.

Edited by Jonathan Stoker