The full 5,000 ETH taken in a late-September Huobi cyber attack is recovered, and Tron co-founder Justin Sun earns a $400,000 white hat bounty.
It’s all good that ends well! The entire 5,000 ETH—or $8 million—that were pilfered in the late-September cyber attack have been returned to the cryptocurrency exchange Huobi.
Tron co-founder Justin Sun acknowledged that he received the 250 ETH white hat incentive, which is worth $400,000.
Hacker restores all 5,000 ETH taken from the cryptocurrency exchange on Huobi
The Huobi exchange hacker has returned all 5,000 ETH, or $8 million, that he took in late September.
The hacker received his 250 ETH white hat bonus—the equivalent of $400,000—as promised.
It was Justin Sun who verified this on X, serving as the “grand finale” of the tale he had previously told his fans.
By transferring the pilfered money back to the primary cryptocurrency exchange, Sun wished to publicly declare that the hacker had made the “correct decision.” Furthermore, Sun made clear that the blockchain’s security needs to be strengthened and that it is difficult to protect users’ money.
Huobi and the cryptocurrency exchange breach in September
On September 25, to be exact, Sun published a compilation of tweets discussing the hack on the cryptocurrency exchange Huobi Global, which was rebranded as HTX.
Huobi receives advisory services from the creator of Tron (TRX). He was the one who desired to make the events public for precisely that reason—to reassure consumers of cryptocurrency exchanges that their losses had been covered and the infrastructure had been restored.
In particular, Sun had guaranteed that the $8 million in ETH that had been stolen overall was minuscule in comparison to the $3 billion in assets that Huobi members owned.
Furthermore, it looks like the cryptocurrency exchange was able to temporarily get all of the necessary funding for the site to go on providing regular trading services to its members.
Additionally, Sun had promised the hacker the famed $400,000 prize in the same round of tweets, provided he returned all of the stolen money. In addition to the white hat bonus, Sun had assured the hacker that Huobi would hire him as a “security consultant.”
Sun eventually revealed that the crypto-exchange will forward the case to police enforcement if the hacker did not make “the right choice,” following the publication of a portion of the “corrupted” addresses.
Huobi is now known as HTX
Huobi changed its name to HTX, the cryptocurrency exchange’s new global identity, in the middle of September.
This is a calculated move to improve its global visibility and serve its English-speaking user base more effectively.
Once more, Justin Sun is driving the crypto-exchange’s transition and wants to establish HTX as a dominant player in the rapidly developing field of digital asset trading.
Sun, the visionary consultant for Huobi, essentially wants the cryptocurrency exchange to “transcend the China-dominated image.” Only after HTX collaborates with governments across several locations will this be feasible. Right now, it appears that Latin American nations including Brazil and Argentina, Australia, Dubai, and Lithuania are involved.
