In the latest crypto cyber incident, hackers reportedly stole over $115 million from two cryptocurrency projects associated with Justin Sun after exploiting vulnerabilities.
The exploits targeted the Sun-backed exchange, HTX, formerly known as Huobi, which confirmed that $30 million worth of assets were drained from its hot wallet.
According to HTX, hackers also attacked the blockchain bridge, Heco Chain, which is linked to Sun. Analytics firm CryptoQuant estimated that losses reached $85.4 million on Heco Chain.
These thefts compound previous issues, such as the $100 million hack experienced by the Poloniex exchange earlier this month, which is also Sun-related.
In response to the HTX hack, the exchange suspended a few services as it works to identify the methods used and compensate users for their losses. However, these repeated breaches raise security concerns.
As bridges and exchanges continue to struggle with exploits, consumer trust in crypto infrastructure is declining. Robust solutions are needed to secure cross-chain liquidity and exchange custody.
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