$258M Exits HTX Exchange Amid Hacks and Controversies
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$258M Exits HTX Exchange Amid Hacks and Controversies

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2 months ago

Crypto exchange HTX sees massive fund exits amid hacks and accusations against founder Justin Sun.

$258M Exits HTX Exchange Amid Hacks and Controversies
Crypto exchange HTX, linked to industry figure Justin Sun, has seen over $258 million exit the platform since resuming operations on November 25 after a major security breach, according to data from DefiLlama.

Source: Bloomberg

TRX makes up nearly a third of HTX's reserves, the largest share followed by Bitcoin at 33%. HTX exchange token HT and Sun-linked stablecoin stUSDT round out most of the remainder.

The outflows come on the heels of hacking incidents at two other Sun-tied platforms, Poloniex and HECO Bridge, which saw around $200 million stolen in November. HTX itself lost $30 million in crypto tokens from its hot wallet during an earlier September breach.

While HTX has claimed investigations are underway and pledged to fully reimburse users for losses, concerns linger. The exchange still boasts top 20 trading volume, but unease over security and associations with fraud allegations against Sun and his blockchain project TRON's native token TRX have users heading for the exits.

Sun has denied accusations from the SEC in March of artificially pumping TRX trading volumes. However, coming on the heels of crypto's catastrophic year marked by the implosions of FTX, Celsius and others, the latest hacks and outflows raise worrying signals.

While Sun has tried reassuring users, even offering rewards incentives, his exchange's hemorrhaging of funds reflects the growing hesitance of crypto investors burned by previous bankruptcies.

Restoring trust remains an immense challenge. As deadlines approach for reimbursing HTX hack victims, doubts stir about how committed Sun is to making his customers whole.

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