April 19, 2024
Huobi Global Recovers $8 Million in Stolen ETH: A Close Look at Negotiating with a Hacker
Latest Cryptocurrency News

Huobi Global Recovers $8 Million in Stolen ETH: A Close Look at Negotiating with a Hacker

After getting in touch with the hacker and working out a contract to get millions of dollars in stolen cash returned, Huobi Global’s cryptocurrency exchange was able to retrieve the funds from a hacker who fled with them in September.

On Twitter on Saturday, Justin Sun, a Huobi Global investor and HTX adviser, declared that $8 million in stolen Ether (ETH) had been recovered and that the hacker had made “the right choice” by accepting HTX’s offer.

“We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hacker a white hat bonus of 250 ETH,” Sun stated in a post. “Providing full security for user assets is always our goal to strive for!”

After one of the exchange’s popular wallets was hacked and emptied of 5,000 ETH, HTX initially revealed the incident on September 25.

In comparison to what he said were HTX’s $3 billion in assets, Sun assured clients that the figure was a “relatively small sum” at the time. To entice the hacker to return the cash, Sun also stated at the time that HTX would provide 5% of the seized ETH as a “white-hat reward”; however, he cautioned that the company would call law enforcement if the offer wasn’t taken within a week.

Crypto companies have occasionally been forced to negotiate with hackers to recover cash instead of contacting law enforcement. The company and the hacker managed to arrange a number of these agreements where the majority of the cash was recovered and a reward was subsequently given to the hacker to wrap up the situation.

Cryptocurrency exchange hacks are a recurring threat, although different exchange types have been attacked.

According to July Immunefi research, there was a 63% rise in blockchain hacks in the second quarter of 2023 compared to the same period in 2018. The business also discovered that DeFi platforms were the target of the majority of breaches, which cost $228 million in total across 79 incidents. Centralized exchanges, such as HTX, only reportedly suffered losses totalling $37 million over two occurrences.

Image: Wallpapers.com

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