Cryptocurrency Exchange

Hacker stole $87 million from HTX-Ethereum bridge

An exploit on the bridge linking the HTX exchange to Ethereum resulted in the loss of $87 million in cryptocurrency assets. According to the observations, tether (USDT), substantial amounts of ether, and a covered Bitcoin (HBTC) version were transferred from the bridge to an unutilized Ethereum wallet.

Multiple blockchain-based security firms, including Peckshield, CertiK, and Cyvers, initially investigated suspicious transactions. CertiK has determined that the bridge’s private key was the most probable source of the vulnerability.

Reportedly, a suspicious transaction was initiated using the Huobi HECO Bridge operator wallet, signifying that a vulnerability was exploited, according to data supplied by a CertiK representative affiliated with Blockworks.

Prior to this, various ERC-20 tokens were taken out, swapped in exchange for ether, and allotted to roughly eight different wallets. Furthermore, two hot wallets belonging to HTX Global, previously known as Huobi, suffered a loss of funds, as per information provided by Cyvers, a board member of Justin Sun.

As per the news story by Sun, HTX and Heco Cross-Chain Bridge came up against a hacker attack, and HTX would be covering its hot wallet loss.

In October 2022, Justin Sun took over as CEO of Huobi Eco Chain. However, Sun disagreed with the notion that he possessed such a large interest and regarded the deal as a partnership with the Tron and BitTorrent Chain ecosystems, which he also oversees, according to a Bloomberg story.

The prime responsibility of the HECO bridge is to allow the shifting of digital assets amongst the Huobi Eco Chain and various blockchain networks, like Ehereum.

The HECO hacking is similar to other safety measures not followed by many Sun-connected blockchain applications. Sun acquired Poloniex, an exchange that experienced a $100 million loss just two weeks prior. This was also attributed to the exploitation of vulnerabilities in private keys. Currently, the executives at Poloniex are carrying out negotiations with the concerned hacker.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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