In a significant turn of events, 11.1K Ethereum, approximately 44% of Huobi’s Ethereum reserves, has been moved unexpectedly, as reported by CryptoQuant.com. This development suggests a potential exploit linked to the Heco bridge, a crucial connector between Ethereum and the Heco Chain. Significantly, the Heco Chain is an initiative by the HTX exchange, a key player in the crypto space.
Moreover, reports from Cyvers Alerts highlight worrying transactions. A suspicious address has reportedly received $12.4M from the HTX exchange. Furthermore, another address has gained about $85M from the Heco Chain bridge. Interestingly, these entities are under the umbrella of Justin Sun, a renowned name in the crypto industry. Consequently, concerns are growing about the integrity of these platforms, especially after Poloniex, another Sun-associated exchange, reported a theft exceeding $100 million.
Additionally, the Heco bridge is a focal point of this security breach. Wintermute’s Head of Research, Igor Igamberdiev, estimates the loss at $86.6 million. Blockchain analysts from PeckShield are also weighing in, suggesting the possibility of an exploit or even a rug pull. They observed that the stolen funds were rapidly moved to decentralized exchanges and converted into other cryptocurrencies.
Hence, the pattern of these transactions is alarmingly consistent with typical security breaches. PeckShield’s analysis further complicates the narrative, indicating a more profound vulnerability within these blockchain projects. Besides, the HTX exchange has not been spared either. Igamberdiev points out similar suspicious transfers amounting to $23.4 million from HTX, closely following the patterns observed in the Heco bridge exploit.
Recently, Justin Sun, using his X account, reported that the HTX and Heco cross-chain bridge had fallen victim to a hacker attack, and HTX has pledged to compensate for any losses from its hot wallet. To safeguard all funds, HTX has temporarily halted deposits and withdrawals as a precautionary measure.
Despite the incident, the community can rest assured that all funds within HTX remain secure. He also noted that specific motivations behind the hacker assault are the subject of an ongoing comprehensive investigation and that services will be resumed once the inquiry analysis is finished and the cause is determined.
The unfolding events underscore the importance of robust security measures in the crypto world. They are a stark reminder of blockchain technology’s vulnerabilities and the need for enhanced protective strategies.
