HTX Advisor Justin Sun Confirms $8M Hack, Says 'Amounts To Just Two Weeks' Revenue' For The Platform

Justin Sun, the advisor of Houbi (now called HTX), has confirmed that the platform experienced a loss of approximately $8 million due to a hack. However, he maintains that this sum represents just two weeks' worth of revenue for the platform.

HTX lost 5,000 ether (ETH) equivalent to around $8 million over the weekend, Sun said, adding that the incident was identified immediately, and the team took swift action to prevent any more losses. He said that the company has fully covered the losses and funds are safe.

"HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are #SAFU and the platform is operating completely normally," Sun said in a post on X.

He also underlined that the roughly $8 million funds lost to the hack was nothing compared to the 3 billion worth of assets held by its users, and the amount is just equivalent to a two-week revenue of HTX.

"$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks' revenue for the HTX platform," Sun's follow-up post read, followed by an assurance that "all funds are secure, and trading operations have continued as usual. We promptly addressed and resolved all issues, restoring the platform to its normal state without delay."

Sun, who founded one of the world's largest blockchain DAO ecosystems TRON, also offered the hacker an attractive deal if they returned the stolen funds within seven days.

"We are willing to offer 5% of the stolen amount (400,000 USD) as a white hat reward to encourage the hacker to return the stolen funds. If the hacker returns the funds, we will also hire them as a security white hat advisor for HTX," the advisor said, adding that the platform will transfer the information to authorities if the deadline is not met.

"If the funds are not returned within 7 days, we will transfer the information to law enforcement authorities for further action and to prosecute the hacker," Sun added.

Data from blockchain analytics company Arkham Intelligence revealed that the hacked HTX wallet seemed to be one of its hot wallets, which received around $500 million in deposits in March from Binance, the world's largest crypto exchange platform in trading volume.

Huobi was rebranded to HTX Global on Sept. 13, with the mission of expanding its global roadmap by exploring new markets.