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Huobi Exchange Hacked: 5,000 ETH ($8m) Lost

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233 Listen to this article On Sunday, a significant security breach sent shockwaves through the cryptocurrency community as Huobi (now […]

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On Sunday, a significant security breach sent shockwaves through the cryptocurrency community as Huobi (now HTX) became the latest victim of a cyberattack, resulting in the loss of approximately 500 ether (valued at around $8 million). The incident, swiftly identified by the Huobi team, highlights the ongoing vulnerabilities in the crypto space, which has witnessed a series of high-profile breaches in recent times.

How Huobi Hack Happened?

According to a detailed report by blockchain analytics firm Cyvers, the attack on Huobi Global’s HTX crypto exchange occurred on Sunday morning at around 11 a.m. WAT. The suspected Huobi hot wallet executed a transfer, moving 4,999 Ether, equivalent to approximately $7.9 million, to an address with no prior transaction history—a clear sign of malicious intent.

Justin Sun, an investor in Huobi Global, confirmed the attack at 3 p.m. WAT on Monday, stating, “HTX @HTX_Global has suffered a loss of 5,000 #Eth ($8 million USD) due to a hacker attack.” He also reassured users that their funds remained secure and that the exchange had fully covered the losses, successfully resolving all related issues. As of now, Huobi (HTX) is reported to be operating normally.

Interestingly, some members of the crypto community have noted that the hack occurred shortly after Huobi rebranded to HTX. This rebranding move, which took place less than two weeks ago, was widely seen as a response to the FTX rebranding, leading to playful remarks within the industry.

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Changpeng Zhao, the CEO of Binance, humorously commented on the situation, stating, “A week after you rename your exchange after FTX… Jokes aside, our security team will help in tracking hacker funds in all cases where we can.

Recent Attacks in the Crypto Space

This unfortunate hacking incident adds to a growing list of large-scale security breaches targeting cryptocurrency platforms throughout the year. Many of these attacks have been attributed to the notorious North Korean-affiliated Lazarus Group, which reportedly amassed $40 million from these breaches over the course of the year. In a startling development earlier today, reports emerged of hackers successfully pilfering over $200 million from the blockchain platform Mixin Network. This incident stands as one of the most significant hacks witnessed in 2023.

The Lazarus Group, a state-sponsored hacking collective hailing from North Korea, is infamous for its intricate cyberattacks. The group’s track record includes high-profile cryptocurrency hacks, including the theft of $620 million from the Axie Infinity bridge Ronin.

Just two weeks ago, the FBI implicated the Lazarus Group in a $41 million hack of the crypto gambling site Stake. The attack was executed through a spear-phishing campaign targeting Stake’s employees. Around the same time, blockchain security firm SlowMist attributed the $55 million hack of the crypto exchange CoinEx to these state-sponsored North Korean hackers. As the Lazarus Group continues to evolve into a global threat, it becomes increasingly vital to comprehend their operational tactics, enhance security measures, and devise strategies to mitigate the risks posed by such cybercriminal entities in the ever-expanding world of cryptocurrencies.

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