Security Breach at Heco Bridge: $86M Crypto Heist Shakes HTX Network
Reports emerged detailing a security breach targeting the Heco Bridge, a crucial link enabling the transfer of assets between HTX's Heco Chain and the Ethereum network.
The breach, as disclosed by blockchain security firm PeckShield, resulted in a staggering loss exceeding $86 million in a variety of cryptocurrencies, notably including Shiba Inu (SHIB).
The stolen assets comprise a significant amount, consisting of 346.9 billion SHIB valued at $2.8 million, alongside 42.11 million USDT, 10,145 ETH ($20.42 million), 489 HBTC amounting to approximately $15.63 million, 173,200 UNI worth $932,000, 610K USDC, 42,399 LINK ($600,000), and 347,000 TUSD.
In the aftermath of the breach, the perpetrators swiftly engaged a decentralized exchange, converting the stolen assets into Ether, amassing a substantial 41,434 ETH, currently estimated at $85.76 million.
HTX advisor Justin Sun acknowledged the assault on the Heco cross-chain Bridge, confirming the temporary suspension of deposit and withdrawal services as a preventive measure against further losses. Sun assured users regarding the safety of HTX funds and revealed an ongoing investigation aimed at uncovering the underlying causes of the breach. Upon completion of the inquiry, the plan is to reinstate HTX’s deposit and withdrawal functionality.
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This incident adds to a series of recent cyberattacks targeting Justin Sun’s cryptocurrency initiatives. Earlier this year, iToken, previously known as Huobi Wallet, encountered a breach amounting to $263,000. The stolen assets were promptly converted into 2.9 million TRX and transferred to various platforms, including ChangeNOW and Binance.
Another notable incident involved Sun’s Poloniex exchange, which suffered a theft exceeding $120 million, prompting collaborative efforts across multiple countries’ law enforcement agencies to pursue the perpetrators.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
