$85 Million Hack Hits Justin Sun’s Ventures

Justin Sun, the founder of Tron, faces another security breach in his crypto ventures. HTX Exchange and HECO Chain Bridge, both under Sun’s ownership, have reported a combined loss of $85 million due to a recent hack. This follows a previous $125 million loss at the Poloniex exchange.

Details of the HTX Exchange Compromise

HTX alone suffered a $13.6 million loss from compromised hot wallets. Sun has pledged full compensation for these losses. Cryptocurrencies including LINK, ETH, and USDT were among the assets stolen from HTX’s three hot wallets.

Suspicion and Speculation: Exit Scam Allegations

Amidst these hacking incidents, some voices in the crypto community speculate that these could be “exit scams” orchestrated by Sun and his team. Comparisons are being drawn to notorious incidents like FTX and Mt. Gox, although these claims lack concrete evidence.

Blockchain Security Firm Offers White Hat Bounty

In response to the hack, Arkham Intelligence, a blockchain security firm, has offered a white hat bounty valued at approximately $4,115 to identify the cause of the breach.

Blockchain security firm PeckShield reported over $86.6 million in digital assets moved from the HECO Chain bridge to suspicious addresses. This movement suggests a compromised operator might be involved.

Sun’s Assurance and Response to the Breach

Justin Sun has confirmed the attacks and assured users of full compensation for the losses. HTX has temporarily suspended deposits and withdrawals and plans to resume services after a thorough investigation.

Recent Exploits in Sun’s Crypto Projects

This latest breach is not the first for Sun’s projects. HTX and HECO Chain’s incident follows the November 10th exploit of Poloniex, resulting in a $125 million loss. Sun’s efforts to merge Tron and BitTorrent’s bridge ecosystem into HECO in 2020 were seen as a step to enhance blockchain network linkage.