Huobi Token

<p>Well-known crypto exchange HTX and its decentralized autonomous organization (HTX DAO) have restored services following a distributed denial-of-service (DDoS) attack.</p><p>The attack, which occurred late last week, briefly disrupted operations. However, HTX swiftly addressed the issue, highlighting the robust security protocols in place. The Seychelles-incorporated exchange <a href="https://x.com/HTX_Global/status/1748319172525015074?s&#61;20" rel="noopener noreferrer nofollow">confirmed</a> the outage on social media last Friday, only to post an <a href="https://x.com/HTX_Global/status/1748323167180132711?s&#61;20" rel="noopener noreferrer nofollow">update</a> shortly afterwards to confirm that service had been restored.</p><h2 id="header-0">‘Funds are SAFU!’</h2><p>Key industry figure and HTX advisor Justin Sun also <a href="https://x.com/justinsuntron/status/1748319971837710471?s&#61;20" rel="noopener noreferrer nofollow">took</a> to social media to announce the recovery and express gratitude to the user community for their support. He reassured users that all funds remained secure, underscoring the exchange’s dedication to safeguarding user assets. Sun borrowed a phrase first <a href="https://academy.binance.com/en/glossary/secure-asset-fund-for-users" rel="noopener noreferrer nofollow">coined</a> by Binance founder Changpeng Zhou (CZ), stating:</p><p>”All funds are SAFU!”</p><h2 id="header-1">Latest in a string of incidents</h2><p>This DDoS attack adds to a series of challenges faced by HTX. In September, the same month in which the company <a href="https://coinnesslive.page.link/yPD9WMPDHrqKMQus7" rel="noopener noreferrer nofollow">rebranded</a> from Huobi to HTX, hackers <a href="https://coinnesslive.page.link/hM4YfUTbfyaNq4r67" rel="noopener noreferrer nofollow">exploited</a> the exchange, resulting in a loss of approximately 4,999 ether (ETH) valued at $7.9 million. In November, two Sun-linked protocols, HTX and Heco Bridge, experienced a combined $100 million <a href="https://coinnesslive.page.link/1JvyvnnvaneTuWhL8" rel="noopener noreferrer nofollow">hack</a>. Despite these incidents, prompt measures, including statements from Justin Sun, ensured the protection of user assets.</p><p>Having originated in 2013, HTX has evolved into a comprehensive blockchain ecosystem, encompassing digital asset trading, financial derivatives, wallets and various other blockchain-related services. The firm maintains offices in Hong Kong, Singapore, Tokyo and the United States. Its South Korean branch is set to close its operations on Jan. 29. Since 2018 the business has been a publicly listed company on the Hong Kong Stock Exchange (HKEX).</p><h2 id="header-2">HTX DAO</h2><p>Only hours before experiencing this DDoS attack, the firm had <a href="https://x.com/HTX_Global/status/1747846527488594400?s&#61;20" rel="noopener noreferrer nofollow">launched</a> HTX DAO. The DAO allows users to actively participate in the exchange’s operations. Users can contribute to decision-making processes through voting, engaging in community discussions and selecting representatives.</p><p>The DAO’s <a href="https://htxdao.gitbook.io/whitepaper/" rel="noopener noreferrer nofollow">whitepaper</a> outlines that governance will be conducted through the use of HTX tokens. The HTX DAO website alludes to various privileges that HTX token holders can benefit from on both the DAO and the HTX exchange. However, it remains unclear as to the specific nature of these privileges as yet.</p><p>In a bid to strengthen its security infrastructure, HTX DAO recently underwent a comprehensive security audit conducted by ChainSecurity.</p><p>This integration of the exchange business into the HTX DAO ecosystem reflects a broader trend within the cryptocurrency sector towards decentralization. In a <a href="https://x.com/justinsuntron/status/1747870916435128684?s&#61;20" rel="noopener noreferrer nofollow">long post</a> on the X social media platform on Thursday, Justin Sun suggested that through HTX DAO, the HTX exchange would become “The People’s Exchange.” Sun added:</p><p>”HTX currency holders should eventually become the owners of the platform.”</p><p>Despite the high hopes and aspirations, Sun continues to have his perennial detractors. Travis Kling, founder of Ikigai Asset Management, posted on X on the very same day, <a href="https://x.com/Travis_Kling/status/1747812285857632720?s&#61;20" rel="noopener noreferrer nofollow">stating</a>:</p><p>”We may be getting close to showtime here. We need [Justin Sun] gone. He’s a cancer.”</p>

HTX bounces back following DDoS attack

Table of Contents

CoinNess Global

Other articles published on Jan 23, 2024

Bitcoin sliding, analysts explore altcoin alternative

Emerging Cryptocurrency Below $0.01 with Potential to Rival Solana (SOL) and Polygon (MATIC)

Mode Garners Substantial OP Grant from Optimism Foundation to Propel User Growth

Emerging Bitcoin stablecoin poised to challenge market leaders, CoinShares reports

Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes

Kaspersky warns of new MacOS malware aiming at crypto wallets

Join our free newsletter for daily crypto updates!