Huobi Token

<p>HTX, the digital-asset trading platform associated with Chinese-born crypto mogul Justin Sun, has witnessed a substantial net outflow of $258 million since resuming operations after a significant security breach.</p><p><a href="https://finance.yahoo.com/news/crypto-exchange-htx-hit-258-210431876.html" rel="noopener noreferrer nofollow">According</a> to Bloomberg, data from DefiLlama indicates that the outflow occurred between the exchange’s restart on Nov. 25 and Dec. 10, signaling unease among some clients following last month’s cyberattack. In November, HTX <a href="https://medium.com/&#64;coinness.gl/htx-and-heco-chain-exploited-with-115-million-loss-008c313b4643" rel="noopener noreferrer nofollow">reported</a> a loss of $30 million in crypto tokens due to the breach, prompting a temporary suspension of withdrawals and deposits.</p><p>Towards the end of last month, the platform <a href="https://medium.com/&#64;coinness.gl/htx-resumes-bitcoin-and-ether-services-post-30-million-hack-d87c1cc3625f" rel="noopener noreferrer nofollow">re-enabled</a> withdrawal services for major cryptocurrencies, gradually bringing the exchange back to full service, supporting withdrawal of all digital assets.</p><h2 id="header-0">Multiple hacks</h2><p>Justin Sun is also associated with the Poloniex exchange and the HECO Bridge, a network established by HTX for blockchain transfers. Both Poloniex and HECO fell victim to hacks in November, resulting in the theft of approximately $200 million in crypto. It’s worth noting that hackers had previously stolen $8 million from the HTX platform in September.</p><p>HTX, which was formerly known as Huobi up until a business <a href="https://medium.com/&#64;coinness.gl/huobi-rebrands-as-htx-to-mark-tenth-anniversary-66060fbad8a" rel="noopener noreferrer nofollow">rebrand</a> in September, boasts an average trading volume of $1.5 billion in the past 24 hours, securing its position as the fifteenth largest exchange when measured in terms of trading volume.</p><h2 id="header-1">Increased vigilance</h2><p>In the wake of several high-profile crypto platform failures in 2022, digital-asset investors are increasingly vigilant about monitoring flows and reserves at virtual currency exchanges. In particular, that trend gained momentum after the FTX platform’s collapse last year due to fraud.</p><p>November turned out to be the most damaging month this year so far in terms of platform digital asset theft. Exit scams and exploits <a href="https://x.com/CertiKAlert/status/1730189489140560079?s&#61;20" rel="noopener noreferrer nofollow">encountered</a> during the month totaled a staggering $363 million in losses.</p><p>In October, the UK’s Financial Conduct Authority (FCA) included HTX, alongside KuCoin, on a <a href="https://medium.com/&#64;coinness.gl/uk-watchdog-adds-crypto-exchanges-to-warning-list-d74abb9f8eea" rel="noopener noreferrer nofollow">warning list</a>, due to their promotion of services in the UK, without having obtained the required regulatory approvals.</p><h2 id="header-2">A third of reserves in Bitcoin</h2><p>DefiLlama data reveals that Bitcoin constitutes the largest portion of HTX’s reserves, accounting for approximately 33%. Tron’s TRX token, launched by Sun in 2017, represents around 32% of the reserves. HTX’s native exchange coin, HT, makes up 14%, followed by a Sun-backed token named stUSDT at 12%.</p><p>In August, Travis Kling, Founder of Ikigai Asset Management, had this<a href="https://x.com/Travis_Kling/status/1691876325496090645?s&#61;20" rel="noopener noreferrer nofollow"> warning</a> relative to Sun and HTX:</p><p>”Justin Sun is a criminal. There’s a hole in Huobi, a hole in TUSD and a hole in Tron DeFi. Act accordingly.”</p><p>TRX, at the center of U.S. fraud allegations against Sun, prompted a March lawsuit by the Securities and Exchange Commission (SEC), accusing him and his firms of market manipulation to inflate the token’s trading activity. Sun dismissed the suit on the X social media platform back in March,<a href="https://x.com/justinsuntron/status/1638742625003130881?s&#61;20" rel="noopener noreferrer nofollow"> stating</a> that it “lacks merit.” On Sunday, Sun <a href="https://x.com/justinsuntron/status/1734051193759187152?s&#61;20" rel="noopener noreferrer nofollow">claimed</a> that the Tron blockchain network which he founded had reached a new milestone of 200 million users.</p><p>Despite security firm BlockSec reporting the recovery of the $8 million stolen in September, hackers still appear to control the $30 million taken last month. The ongoing situation raises concerns about the security measures and resilience of HTX in the face of persistent cyber threats.</p>

HTX experiences $258 million outflow post-hack

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