Justin Sun Acknowledges $83.4 Million Heco Bridge Crypto Hack

• Heco Cross-Chain Bridge Suffered a Security Breach
• HTX and Heco Cross-Chain Bridge Experienced a Cyber Attack
• All Funds in HTX Are Safe
• Details of The Loss
• Immediate Response to the Breach
• Further Implications of The Attack

Heco Cross-Chain Bridge Suffered a Security Breach

The Heco Cross-Chain Bridge has been the target of an unfortunate cybersecurity attack, as per recent on-chain information. The founder of HTX, Justin Sun, authenticated the violation through a social media update, disclosing substantial losses to HTX's hot wallet.

Following this incident, HTX has taken swift corrective steps, and have reassured that all assets within the HTX ecosystem are still secure.

HTX and Heco Cross-Chain Bridge Experienced a Cyber Attack

Falling prey to malicious hackers, HTX and Heco Cross-Chain Bridge have been compromised. Consequently, HTX has committed to covering the full amount of the losses suffered by the hot wallet. As a part of containment strategy, deposits and withdrawals have been temporarily halted.

All Funds in HTX Are Safe

The HTX community can have peace of mind as all funds within the platform are confirmed to be secure. An analysis of the causes behind the security breach is currently underway.

Details of The Loss

According to a following update from analytics firm LookOnChain, the hack resulted in a staggering $83.4 million worth of assets being extracted from the Heco Bridge. These assets included a plethora of cryptocurrencies. Precisely, the stolen loot included 42.11 million $USDT, 10,145 $ETH, 489 $HBTC, 346.87 billion $SHIB, 173.2 thousand $UNI, 610 thousand $USDC, 42,399 $LINK, and 347 thousand $TUSD. Noteworthy is the fact that all stolen assets were converted into Ethereum$2,315 -2.42% (ETH), summing up to a total of 41,434 $ETH.

Immediate Response to the Breach

In response to the violation, HTX has taken stringent actions. They have also committed to providing full remuneration for the incurred losses, in an effort to lessen the effect on its community. Concurrently, the platform has temporarily put a hold on deposits and withdrawals whilst a thorough investigation of the breach is performed.

Despite the seriousness of the incident, HTX has underlined that all funds within its ecosystem remain secure, thereby providing some reassurance to their users. Justin Sun has been vocal about the active efforts being undertaken to determine the specifics of the hacker attack, promising a resumption of normal services once the investigation concludes, and the root cause has been determined.

Further Implications of The Attack

The cybersecurity attack on the Heco Bridge is a grim reminder of the potential risks and vulnerabilities that persist within the realm of cryptocurrencies.

Edited by Jonathan Stoker