Heco Bridge Hack: $86 Million in Cryptos Stolen, Justin Sun Assures Safety as Investigation Commences
In a significant blow to the crypto community, blockchain security firm PeckShield revealed in a recent tweet that the Heco Bridge, a protocol facilitating the movement of funds between HTX’s Heco Chain and the Ethereum network, fell victim to a malicious attack. The devastating breach resulted in the theft of over $86 million worth of various cryptocurrencies, including prominent assets like Shiba Inu (SHIB).
Update: Total $86.6M worth of cryptos
-346,994 $TUSD
-42,399 $LINK (~$601,641)
-619,000 $USDC
-173,200 $UNI ($931,816)
-346.9M $SHIB (~$2.8M)
-489 $HBTC ($18.8M)
-42M $USDT
-10,145 $ETH (~$19M)— PeckShieldAlert (@PeckShieldAlert) November 22, 2023
Attack Details and Stolen Assets
PeckShield’s announcement outlined the staggering extent of the attack, disclosing that the stolen assets comprised 346.9 billion SHIB (valued at $2.8 million), 42.11 million USDT, 10,145 ETH ($20.42 million), 489 HBTC (approximately $15.63 million), 173,200 UNI ($932,000), 610,000 USDC, 42,399 LINK ($600,000), and 347,000 TUSD. The attackers swiftly executed transactions on a decentralized exchange, converting the pilfered assets into Ether. As of the latest update, the stolen ETH holdings amounted to 41,434 ETH, valued at $85.76 million.
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Justin Sun’s Response and Temporary Suspension of Services
HTX advisor Justin Sun acknowledged the breach, confirming that hackers targeted the Heco cross-chain Bridge. In response, the HTX team took immediate action by temporarily suspending deposits and withdrawals to mitigate further losses. Justin Sun assured users that HTX’s funds remain secure and announced the initiation of a comprehensive investigation to determine the root cause of the attack. The advisor pledged to reinstate HTX’s deposit and withdrawal services once the investigation concludes.
History of Attacks on Justin Sun’s Crypto Projects
This incident adds to a series of attacks on crypto projects associated with Justin Sun. In October, iToken, formerly known as Huobi Wallet, suffered a hack resulting in a loss of $263,000. The attackers promptly converted the stolen assets into 2.9 million TRX before transferring the funds to ChangeNOW and Binance.
Earlier this month, Sun’s crypto exchange Poloniex was targeted, resulting in the theft of over $120 million in crypto assets. In response, Justin Sun enlisted the assistance of law enforcement agencies from China, the U.S., and Russia in a coordinated effort to apprehend the perpetrators.
Community Response and Ongoing Concerns
The crypto community has reacted with concern to yet another high-profile security breach, emphasizing the need for enhanced security measures across decentralized protocols. Users and stakeholders await the findings of the HTX team’s investigation and the subsequent actions that will be taken to prevent future incidents.
As the crypto landscape grapples with the aftermath of the Heco Bridge hack, the incident underscores the persistent challenges of securing decentralized financial systems and the necessity for collaborative efforts to fortify the industry against malicious actors.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
