Justin Sun says HTX hacked for 5,000 ETH but will cover losses

Crypto Ecosystems • September 25, 2023, 10:57AM EDT

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Photo by Visual China Group via Getty Images

Quick Take

Due to a hack, cryptocurrency exchange HTX (formerly Huobi) lost 5,000 ether, or $7.9 million, according to Justin Sun.

Crypto exchange HTX suffered a hack that resulted in the loss of 5,000 ether ($7.9 million), according to company advisor Justin Sun.

Sun took to X, formerly Twitter, to announce the breach. "HTX has suffered a loss of 5,000 ether ... due to a hacker attack," he posted, while aiming to reassure customers. "HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues."

The HTX advisor went on to say that the pilfered ether "represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. Sun also stressed the amount of ether stolen equates to about two weeks worth of revenue for HTX.

The attack comes less than two weeks after ten year-old cryptocurrency exchange Huobi changed its name to HTX. The offshore trading platform is hoping the rebrand will help boost user adoption while in the years to come it applies for more licenses in more jurisdictions.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.