by –News Direct–
Justin Sun, a member of the HTX Global Advisory Board, participated in a live broadcast titled "Talk to Justin Sun about Crypto Safety Issues'' on September 26. This live interview was conducted simultaneously on HTX's (previously Huobi) Twitter Space and HTX Live. Justin Sun shared his insights on security concerns related to cryptocurrency exchanges and responded to the recent security incident at HTX.
To start, Justin Sun gave a brief recap of the recent cyberattack on HTX. On September 24, 2023, at around 6 PM Singapore time, HTX detected a hack and took immediate actions, which included rapidly changing the hot wallet address, implementing the real-time monitoring mechanism, and establishing the SAFU fund. Through these efforts, the exchange has ensured the protection of user assets and information. HTX, as emphasized by Justin Sun, managed to promptly resolve almost all issues within 24 hours following the attack. Users remained largely unaware of the incident, but it was indeed an intense battle.
According to reports, HTX has fully covered the losses, ensuring that users will not incur any losses due to this incident. The platform is operating normally, and all user assets remain unaffected. Moreover, HTX has labeled the hacker's ETH addresses and proposed a 5% white-hat incentive ($400,000) to encourage the hacker to return the stolen funds. If the hacker returns the funds within 7 days, HTX will offer them a position as a security consultant for the exchange. Otherwise, HTX will provide the information to the authorities for the hacker's prosecution.
Additionally, HTX is collaborating with professional security teams, blockchain institutions, and top-notch exchanges like Binance to trace the hacker's identity and the whereabouts of the stolen funds. While the exchange cannot disclose the specifics of the ongoing investigation, it is committed to ensuring that the hacker faces the full legal consequences they deserve if they do not return the stolen funds.
Justin Sun stated, "We encourage white hat ethical hacking and are confident in our ability to recover the funds. HTX has a proven track record of collaborating with authorities to apprehend hackers and will not tolerate any hacking activities. Even if users not affiliated with HTX have had their assets compromised, we will initiate charitable efforts to assist them in recovering their losses."
Summarizing the discussion, Justin Sun underscored the costliness of the security lesson learned and the commitment to excel in this domain. He emphasized that the recent hack was a valuable experience for him and his team, prompting HTX to reassess and enhance its security.
HTX will take concrete steps to ensure that user assets on the platform remain at the forefront of industry standards. HTX will introduce more security tools and technologies for the timely detection and prevention of potential threats in the future. Collaboration with leading security audit firms for regular audits and swift issue resolution is another facet of their strategy. Lastly, additional security updates, including updates to custodians or institutions, will be implemented.
Considering the multiple security incidents that have occurred in the cryptocurrency industry, Sun remarked, "Past experiences have taught us that security is an ongoing race, where we must continually adopt measures to ensure the security of user assets and fortify our security defense."
Addressing community doubts regarding the incident being a marketing stunt orchestrated by HTX, Justin Sun categorically dismissed such claims. He affirmed that while HTX has previously hosted attention-grabbing marketing events, the platform's unwavering commitment to security and the sanctity of user assets means they will never exploit a security incident as a marketing ploy.
Sun continued to reiterate the importance of security throughout the live stream, emphasizing, "Security is an eternal concern, and we will always prioritize the safety of user assets."
About HTX
Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – "global development, technology drives development, and technology for good" underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.
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COMTEX_441113912/2655/2023-09-28T00:22:38
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.