HTX hack: hacker provided 5% as a white hat incentive

• HTX cryptocurrency trade was previously Huobi.
• The hacker made away with ETH price round $7.9 million.
• HTX’s native token skilled a slight decline after the hack.

In a current safety breach, cryptocurrency trade HTX (previously Huobi) fell sufferer to a hacker, ensuing within the lack of $7.9 million in Ether (ETH) as coated in our earlier information.

The incident, which occurred on a Sunday, was promptly recognized, and the trade’s advisor, Justin Solar, introduced that HTX had taken instant measures to cowl the losses and make sure the security of person funds.

HTX’s vigilant monitoring system detected the hack as quickly because it transpired. This fast response enabled the trade to safe all person property and handle the problem at once, restoring regular buying and selling operations.

HTX @HTX_Global has suffered a lack of 5,000 #Eth ($8 million USD) attributable to a hacker assault. HTX has absolutely coated the losses incurred from the assault and has efficiently resolved all associated points. All person property are #SAFU and the platform is working fully usually.

— H.E. Justin Solar 孙宇晨 (@justinsuntron) September 25, 2023

Hacker provided a white hat incentive

To recuperate the stolen funds and encourage the hacker to behave as a “white hat” (an moral hacker who helps enhance safety), HTX took a proactive method. The trade provided the hacker a singular alternative: a 5% “white hat bonus,” amounting to just about $400,000, to return the pilfered property. This provide was, nonetheless, offered with a seven-day deadline for compliance.

In a further present of goodwill, HTX went a step additional, extending an invite to the hacker to hitch the trade as a safety white hat advisor. This twin provide demonstrated HTX’s dedication to recovering the funds and enhancing its safety measures.

Placing the hack in perspective

Whereas the $7.9 million loss could seem substantial, it represents solely a fraction of the huge wealth entrusted to HTX. The trade safeguards roughly $3 billion in property for its customers, making the stolen quantity equal to simply two weeks’ price of income for the HTX platform.

Regardless of the safety incident, HTX’s native token, HT, continues to commerce, with a present worth of $2.43. It’s price noting that the token skilled a slight decline of 1.24% after the hack, however has since stabilized.