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<p class="is-style-lead">Justin Sun, HTX (former Huobi) advisory board member, introduced the SAFU fund after the platform had suffered a $8 million security breach.</p> 
<p>According to his tweet, the platform team introduced the SAFU fund in order to always be prepared for losses that may arise due to problems with the security of the platform. </p> 
<p>HTX has also implemented real-time monitoring mechanisms to prevent such losses. While Sun denies having a large stake in HTX, he has promised to host several livestreams – in English and Chinese – to discuss the exchange’s security.</p> 
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   <p lang="en" dir="ltr">We have established the SAFU fund to be prepared at all times for losses resulting from platform security issues. Additionally, we have implemented real-time monitoring mechanisms to prevent such losses.</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1706535349831545040?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 26, 2023</a> 
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<h2 class="wp-block-heading" id="htx-hack">HTX hack</h2> 
<p>Web3 security firm Cyvers <a href="https://x.com/CyversAlerts/status/1706301345223897506?s=20" target="_blank" rel="noopener noreferrer nofollow">said</a> the breach took place on Sept. 24, when a hacker withdrew 5,000 ETH from the platform.&nbsp;</p> 
<p>Sun confirmed the attack, emphasizing that $8 million is only a fraction of HTX’s total sum of assets and is equal to the exchange’s fortnightly revenue. He added that the platform is operating “completely normally” and that the issues that led to the breach had been successfully resolved.</p> 
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   <p lang="en" dir="ltr">HTX <a href="https://twitter.com/HTX_Global?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@HTX_Global</a> has suffered a loss of 5,000 <a href="https://twitter.com/hashtag/Eth?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Eth</a> ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are <a href="https://twitter.com/hashtag/SAFU?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#SAFU</a> and the platform is operating completely normally.</p>— H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1706311251024822748?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<h2 class="wp-block-heading" id="htx-to-offer-reward-for-returning-assets">HTX to offer reward for returning assets</h2> 
<p>Cyvers Alerts <a href="https://x.com/CyversAlerts/status/1706301345223897506?s=20" target="_blank" rel="noopener noreferrer nofollow">stated </a>that the HTX administration also offered the hacker a 5% “<a href="https://etherscan.io/idm?addresses=0x18709e89bd403f470088abdacebe86cc60dda12e,0xdb1d74467c9042517a354304256e0d658d8aec83&amp;type=1" target="_blank" rel="noopener noreferrer nofollow">white hat bonus</a>” (around $393,000) in exchange for returning the stolen assets by Oct. 2. The trading platform has also announced that they had uncovered the hacker’s identity, and is planning to take legal actions within a week if funds are not returned.</p> 
<p>However, neither Sun nor HTX has confirmed the information about the “bonus” yet.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-scammers-hackers-stole-450-million-in-h1-2023/" rel="noopener noreferrer nofollow"> Crypto scammers, hackers stole $450 million in H1 2023 </a> </p> 
<h2 class="wp-block-heading" id="cz-offers-help-to-htx">CZ offers help to HTX</h2> 
<p>Shortly after the hack, the head of the largest cryptocurrency exchange, Binance, Changpeng Zhao, <a href="https://twitter.com/cz_binance/status/1706326077021274327" target="_blank" rel="noopener noreferrer nofollow">offered</a> to help investigate the hack. CZ tasked Binance’s security team with helping track the stolen funds.</p> 
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   <p lang="en" dir="ltr">A week after you rename your exchange after FTX… 😂<br><br>Jokes aside, our security team will help in tracking hacker funds in all cases where we can. <a href="https://t.co/5BjoG6IGA8" target="_blank" rel="noopener noreferrer nofollow">https://t.co/5BjoG6IGA8</a></p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1706326077021274327?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 25, 2023</a> 
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<p>He also made a joke about the similarity of the name HTX with the infamous crypto exchange FTX. However, Zhao <a href="https://x.com/justinsuntron/status/1706313152231575695" target="_blank" rel="noopener noreferrer nofollow">noted</a> that HTX’s losses are not comparable to the amount of users’ assets on the platform.</p> 
<p> Read more: <a href="https://crypto.news/huobi-drives-memes-with-htx-rebranding/" rel="noopener noreferrer nofollow"> Huobi drives memes with HTX rebranding </a> </p>

Justin Sun launches ‘SAFU’ fund after HTX $8m hack

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