Justin Sun’s HTX Exchange Faces $258M Outflow After Hack

Crypto exchange HTX has hit the headlines following a $258 million net outflow post-hack.

Justin Sun sitting on a pink cloud, hoping that the police officer in the forground won't notice him.
Created by Gabor Kovacs from DailyCoin
  • Users pulled millions of dollars from HTX post-hack.
  • The exchange was recently exploited for $30 million.
  • HTX’s spokesperson downplayed the recent outflow as a “small fraction” of the exchange’s reserves.

One of the crypto-native companies linked to Tron founder Justin Sun has been hit by a multimillion-dollar net outflow since resuming operations after suffering a major attack.

In a November 22 attack that extended to the HECO Chain Bridge, crypto exchange HTX was exploited for $30 million and temporarily suspended withdrawals and deposits on the platform. The exchange resumed operations on November 25.

$258 Million Outflow Hits HTX Post-Hack

Quoting data insights from DefiLlama, Bloomberg recently reported that $258 million left HTX between its restart on November 25 and December 10, a sign that users might have felt unsettled by the November 22 security breach.

An HTX spokesperson was quoted in the report dismissing the net outflow as “a small fraction” of the exchange’s total reserves, reiterating that HTX was committed to providing a “secure and seamless” trading experience through its “stable and robust” platform.

According to CoinMarketCap, HTX currently has a reserve of about $2.3 billion, 33% of which comprises Bitcoin. The TRX token, HTX’s coin HT, and Sun-backed stUSDT make up 32%, 14%, and 12% of the reserve, respectively.

While the November 22 hack seems like the catalyst behind the recent outflow, HTX and other digital asset entities linked to Sun have been hacked four times in the past two months. The biggest of all the exploits was the November 10 attack on the Poloniex exchange, which reportedly lost $100 million due to a private key compromise.

At press time, HTX (formerly Huobi) featured in the top 20 crypto exchanges with an average trading volume of $1.6 billion in the past 24 hours, according to CoinMarketCap data.

Read why the UK regulator has added one of Justin Sun’s companies to its warning list:
Justin Sun’s Poloniex Exchange Lands in UK FCA Warning List

Stay updated on the “magical” burn wallet on the Tron blockchain:
Burn Wallet on Tron Moves Stablecoins In and Out

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.