Cryptocurrency exchange platform Huobi Global recovered $8 million that was stolen in September after contacting the perpetrator and negotiating a deal to return it.
See also: HTX: Crypto Exchange Lost $8 Million in Ether Due to Hack
Rather than just sit back and watch this significant amount of money disappear, the Huobi team decided to take matters into their own hands. They offered a reward to the suspected hacker, claiming that it was better to give a small amount of money to recover the millions that had been lost.
Justin Sun, a Huobi Global investor and HTX advisor, took to account on Saturday to announce that he had recovered $8 million in stolen Ether (ETH) and that the hacker made “the right choice” in accepting HTX’s offer.
“We have confirmed that the hacker has fully refunded all funds as promised, and we have also paid a bonus of 250 ETH to the hacker,” Sun wrote in a post. “Complete security of users’ assets is always the goal we strive to achieve!”
HTX first disclosed the breach on September 25, when one of the hot wallets was compromised and emptied of 5,000 ETH.
At the time, Sun assured customers that the amount was “relatively small” compared to HTX’s $3 billion in assets. Sun also said at the time that HTX would offer 5% of the stolen ETH as a “reward” to encourage the hacker to return the funds, but warned that the company would contact law enforcement if the offer was not accepted within a week.
Cryptocurrency companies have sometimes been found negotiating with hackers to recover stolen funds rather than turning to law enforcement for help. In more than one of these deals, the company and the hacker have managed to reach an agreement, in which the majority of the funds are restored and a fee is paid to the hacker.
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Attacks against cryptocurrency exchanges are a constant threat, but the types of exchanges targeted vary.
According to a report from Immunefi from July, there was a 63% increase in blockchain attacks , compared to the same period the previous year, in the second quarter of 2023. The company also said that most of the breaches occurred on DeFi platforms , which had losses of $228 million in 79 incidents. In comparison, centralized exchanges – such as HTX – had only $37 million in losses in two incidents.
Huobi is an amazing cryptocurrency exchange platform that deals with Ethereum, among other cryptocurrencies. Founded in 2013 and based in China , it is one of the largest cryptocurrency exchanges in the world. It is helping to change the way people buy, sell, and store cryptocurrencies.
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Somewhere here, it’s worth noting that Ethereum, the second largest cryptocurrency by value after Bitcoin, has played a significant role in the platform’s history. One could say that Ethereum and Huobi are a perfect match.
Source: decrypt
