$115 million stolen from two crypto firms linked to Justin Sun.
$115 million stolen from two crypto firms linked to Justin Sun after hack.
It has been reported that two cryptocurrency platforms linked to Justin Sun, a high-profile digital entrepreneur, were compromised by two exploits that may have resulted in the theft of an estimated $115 million.
The targeted projects include the Huobi digital currency exchange, which was formerly known as HTX, from which hackers stole around $30 million worth of cryptocurrencies, the company said in a statement on Wednesday.
It has also been confirmed by HTX that the so-called blockchain bridge Heco Chain was also attacked.
Sun, who is an investor in HTX and is linked to the Heco Chain, confirmed that the events had taken place.
Blockchain bridges are used to connect different networks in order to enable the swapping and movement of cryptocurrencies between them in a fast and secure manner. A number of these chains have proven to be vulnerable to hacking in the past.
Analysts at CryptoQuant estimate that $85.4 million worth of cryptocurrency has been stolen from the Heco Chain. The majority of the funds were denominated in stablecoin USDT and ether.
HTX’s native cryptocurrency, HBTC, was also stolen. According to CoinGecko, the price of HBTC was down more than 5% from 24 hours ago.
A CNBC reporter has reached out to HTX to find out what the company has to say about Heco Chain’s losses.
HTX said it is identifying the source of the attack and “has taken urgent measures to protect user assets.” It has temporarily suspended deposit and withdrawal services on both HTX and Heco Chain as a precaution.
Additionally, the company said it would “fully compensate for any losses incurred due to the hot wallet attack.” A hot wallet is a cryptocurrency wallet that is connected to the internet.