HTX, a digital assets trading platform linked to Chinese-born cryptocurrency tycoon Justin Sun, has suffered $258 million in outflows since resuming operations after being hit by a major hack.
DefiLlama data showed that funds left the exchange between the resumption of trading in the period from November 25 to December 10, an indication that some clients were uneasy due to the security incident that occurred last month.
HTX confirmed that it lost $30 million worth of crypto tokens due to the hack, as it temporarily suspended withdrawals and deposits after the attack.
An HTX spokesperson said the outflows represent “a small portion of our total reserves, indicating that the platform remains stable and strong.” The spokesman added that the exchange is committed to providing a “safe and seamless” trading experience.
Justin Sun is also linked to the Poloniex and HECO Bridge platforms, which were also hacked in November, leading to the theft of around $200 million in cryptocurrencies.
After the HTX incident in November, Sun said in a post on X that an investigation was underway and that the exchange would “fully compensate for the losses.” Hackers also stole $8 million from the exchange in September.
HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX's hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) November 22, 2023
Top 20 crypto exchanges
HTX, formerly known as Huobi, averaged about $1.6 billion in trading volume over the past 24 hours, placing it among the top 20 cryptocurrency exchanges according to this metric, according to CoinMarketCap data.
Digital asset investors have become more attuned to shifts in flows and reserves on cryptocurrency exchanges in the wake of the FTX collapse last year.
On the HTX exchange, the bulk of reserves – about 33% – consists of Bitcoin.
TRX is at the center of US fraud allegations against Sun. In a lawsuit filed in March, the SEC accused him and his companies of market manipulation.
BlockSec, a security company, said that HTX recovered the stolen $8 million in September. She added that the hackers still appear to be in control of the $30 million seized last month.
