April 13, 2024

HTX crypto exchange has fully restored deposits and withdrawals of Bitcoin on its platform. The exchange, which connected with Tron founder Justin Sun, temporarily halted operations following an attack on November 22.

The exploit resulted in a loss of about $30 million worth of digital assets, necessitating the exchange to halt withdrawals.

HTX Restores Deposits And Withdrawal Functionalities For BTC And Others

According to a post on November 26, the HTX crypto exchange has restored the deposits and withdrawals of multiple assets like BTC, ETH, Tether (USDT), and Tron (TRX).

Through a post on the X platform, Justin Sun revealed that HTX plans to restore all its functionalities for other crypto assets gradually. The crypto titan also noted that the exchange is striving to complete all restoration by next week.

Sun said:

A majority of the work has been accomplished, and we aim to restore the remaining currencies gradually in the next few days, with all work expected to be completed by next week.

Further, Sun rendered his heartfelt apologies to users for any inconvenience they might have suffered following the halt. While appreciating their patience, he noted that the exchange will continue to announce the progress of its activities.

Justin Sun Accused Of Planning Exit Scams

HTX fell victim to an exploit that targeted its hot wallets. This marked the fourth attack within a space of two months on crypto platforms having ties with Justin Sun. The hackers carted an estimated $30 million worth of crypto assets away.

Notably, the HTX Eco Chain bridge (HECO Chain) suffered a $86.6 million hack on the same day as HTX. HECO Chain comprises HTX, Tron, and BitTorrent, all with connections or under the control of Sun.

Due to the hacking trend, a crypto analytics platform, Whalewire, took a deeper look into the issues. 

Its analysis was based on the numerous attacks on Sun-connected platforms that amounted to more than $250 million worth of crypto assets. Whalewire claimed that Justin Sun could be considering an exit scam in its post tagged; “Breaking: Justin Sun Exit Scams Again.”

The analytics firm analogy follows some industry incidents involving founders and CEOs of top exchanges. These include Binance and FTX founders Changpeng Zhao (CZ) and Sam Bankman-Fried. Whalewire noted that while Sun claims the incidents are all hacks, they go beyond that. It wrote:

In reality, there were zero hacks; this is merely insiders exit scamming using the backdoors they built years ago.

Recall that the Poloniex crypto exchange, owned by Sun, lost about $100 million through a hack on November 10. A blockchain security company, CertiK, reported that a private key compromise caused the exploit. Moreover, HTX suffered an attack on September 24, just a few days following its renaming from Huobi. 

The hacker made away almost $8 million worth of digital assets through a vulnerability in its hot wallet. All these incidents raised the speculations of exit scams.

But for now, the crypto community can only watch as events unfold further since no concrete evidence supports such speculations.  


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