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Shortly after the cryptocurrency exchange HTX, formerly known as Huobi, disclosed a security breach that led to an $8 million loss, Binance CEO Changpeng “CZ” Zhao extended an offer of assistance from the exchange’s security team to aid in the investigation of the incident. 
<h2 id="span-style-font-weight-400-huobi-security-breach-span">Huobi Security Breach</h2> 
According to the <a href="https://cointelegraph.com/news/cz-binance-investigate-huobi-htx-hack">report</a>, on September 24, the blockchain analytics platform <a href="https://twitter.com/CyversAlerts/status/1706301345223897506?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1706301345223897506%7Ctwgr%5E95c8228c161b56a59127c57e26c9aa96dc6462e0%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcz-binance-investigate-huobi-htx-hack">Cyvers</a> detected a security breach in which 5,000 Ether was siphoned from one of HTX’s hot wallets. In a bid to mitigate the impact, HTX took a proactive approach by offering a “white-hat bonus” equivalent to 5% of the stolen funds, totaling nearly $400,000. Nevertheless, the hacker has been given a seven-day window to comply with this arrangement.&nbsp; 
<h3 id="span-style-font-weight-400-binance-ceo-offers-help-span">Binance CEO Offers Help</h3> 
CZ has enlisted the assistance of Binance’s security team to aid in the pursuit of the stolen funds in response to a tweet from Tron founder Justin Sun. With the generous offer for security check, CZ playfully remarked on the resemblance between the newly rebranded HTX and Sam Bankman-Fried’s well-known cryptocurrency exchange, FTX. 
<h2 id="span-style-font-weight-400-huobi-to-take-responsibility-span">Huobi to Take Responsibility</h2> 
Justin Sun, an advisor at HTX, has affirmed that HTX will take responsibility for covering all the losses incurred by its users. He said: “$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue for the HTX platform.” 
<h3 id="span-style-font-weight-400-mixin-network-hack-span">Mixin Network Hack</h3> 
This news follows closely on the heels of another incident where the decentralized peer-to-peer platform Mixin Network reported a security breach on September 23rd. This breach resulted in the <a href="https://thecoinrise.com/mixin-network-exploited-for-200m-worth-of-crypto/">theft of approximately $200 million</a> worth of cryptocurrency assets from its mainnet. 
Notably, the world’s largest crypto exchange seems to return on its track after it got hit by the regulators recently.&nbsp; 
Binance and its CEO, Changpeng ‘<a href="https://thecoinrise.com/binance-binance-u-s-and-cz-files-motion-for-sec-lawsuit-dismissal/">CZ’ Zhao, have recently submitted a request</a> to the United States District Court for the District of Columbia, seeking the dismissal of the lawsuit that was filed against them by the <a href="https://thecoinrise.com/sec-sues-crypto-exchange-binance-and-ceo-zhao/">Securities and Exchange Commission (SEC) in June</a>. 
The post <a rel="nofollow" href="https://thecoinrise.com/binance-ceo-offers-help-to-track-huobis-stolen-funds/">Binance CEO Offers Help to Track Huobi’s Stolen Funds</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Binance CEO Offers Help to Track Huobi’s Stolen Funds

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