HTX Exchange Rattles Crypto Community with $256M Withdrawal Post-Hack
A recent incident at the HTX exchange has sent shockwaves through the cryptocurrency world, as more than $256 million was withdrawn in the aftermath of a significant breach.
This exchange, previously known as Huobi and associated with Chinese crypto tycoon Justin Sun, witnessed a massive outflow of funds immediately after resuming operations post a major hack in November.
Between November 25 and December 10, data from Defilama showed a substantial withdrawal, causing concern among users affected by the earlier security breach. During the breach, HTX faced a loss of $30 million in crypto tokens, prompting a freeze on withdrawals and deposits.
HTX promised a thorough investigation and full compensation for losses from the compromised hot wallet. Despite these assurances, skepticism remains rife within the community, closely monitoring the aftermath of the hack.
Suspicion surrounds Justin Sun’s ties to HTX, Poloniex, and Heco Bridge, all targeted in November hacks that resulted in about $200 million in crypto theft. Some speculate these incidents could point to a potential exit scam.
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As HTX, boasting an average daily trading volume of $1.6 billion, deals with the fallout, questions emerge about the exchange’s security and reliability.
Despite HTX recovering $8 million from the stolen funds in September, security firm BlockSec’s report indicates that the hackers retain control over the $30 million from the recent breach, despite HTX offering a 5% reward.
This ongoing saga keeps the cryptocurrency community vigilant, stressing the urgent need for stringent security measures and transparent practices in the ever-evolving landscape of digital assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
