Home Altcoins News HTX Restores Cryptocurrency Withdrawal Services Following Security Incident

HTX Restores Cryptocurrency Withdrawal Services Following Security Incident

HTX

In the world of digital currency, HTX, a leading cryptocurrency exchange, has recently reactivated its withdrawal services after encountering a security breach. This development follows a temporary suspension in response to a cyberattack that affected select cryptocurrencies within the platform.

The targeted cryptocurrencies, including LINA, HOT, FTT, MASK, and NEXO, have seen the restoration of withdrawal services, while HTX assures users that more tokens will gradually regain similar functionality. This positive step forward comes after HTX encountered a breach resulting in an approximate $30 million theft. The company swiftly addressed the issue, resolving it within 24 hours and restoring most services promptly.

Initially reported on November 22, 2023, the breach resulted in a $13.6 million loss. HTX has pledged to compensate affected customers, emphasizing that regular operations remained largely unaffected by the breach. Remarkably, the amount siphoned from the platform represents only a fraction of the total funds held.

Notably, this incident isn’t isolated, as other platforms connected to Justin Sun, such as Tron and BitTorrent, have also experienced cyberattacks in recent months. This concerning trend raises significant concerns about network security, prompting investigations into the persistent vulnerabilities leading to these breaches. Among the most significant breaches was the nearly $100 million hack at Poloniex, prompting the team to offer a $10 million white hat bounty for the stolen funds.

Established in 2013, HTX has continually expanded its services, currently offering over 375 cryptocurrencies and more than 300 trading pairs. The platform’s commitment to providing extensive support and service options is highlighted in the comprehensive HTX review, emphasizing multiple avenues for customer support and engagement.

Moreover, HTX has announced plans to appreciate and reward its resilient community members who supported the platform during the recovery phase. An upcoming airdrop event scheduled for early December 2023 will recognize and reward users based on their 30-day average balances, measured in USDT and Rocket values. Notably, quality assets like TRX, BTC, and ETH will yield multiplied Rocket values to their holders.

The resurgence of services comes on the heels of a tumultuous period for HTX when malevolent actors executed a targeted attack, absconding with approximately $30 million in funds. However, the resolute response from the platform saw the swift resolution of the issue, with most services realigned within a mere 24-hour window.

The breach, reported on November 22, 2023, resulted in a theft amounting to roughly $13.6 million. Assuring its user base, HTX has pledged to compensate those affected by the loss incurred. Impressively, the operational integrity of the platform remained largely intact despite the substantial hack, with the extracted amount accounting for only a fraction of the total funds.

Notably, HTX has committed to gradually expanding its supported tokens for withdrawal services, with promises to unveil further developments in the imminent days.

The resurgence of HTX aligns with a concerning trend across platforms affiliated with Justin Sun, with Tron and BitTorrent among those facing similar hacking attempts in recent times. The frequency of exploits within the past two months has raised eyebrows within the crypto sphere, culminating in cumulative losses nearing the $100 million mark. Of particular attention is the Poloniex exploit, prompting the team to announce a sizable white hat bounty valued at $10 million for the pilfered funds.

In the market, the Huobi Token has experienced fluctuations, currently trading at $2.88, reflecting a slight decrease of 2.04% in the last 24 hours and a 1.93% decline over the past week. However, over the last 30 days, the token has seen a notable 22.50% increase in its trading value.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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