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Heco Bridge Breach Drains $86 Million — Justin Sun’s HTX-Linked Venture Faces Major Security Setback

Heco Bridge Breach Drains $86 Million — Justin Sun's HTX-Linked Venture Faces Major Security Setback

Numerous sources have reported that the Heco Bridge, a cross-chain conduit linking Ethereum with the Heco blockchain, has suffered a security breach, resulting in a loss of $86 million. Subsequent to the heist, the stolen funds were redirected to various decentralized exchange (dex) platforms.

Major $86 Million Theft Hits Heco Bridge

In a recent setback for a venture linked to Tron’s creator, Justin Sun, it’s estimated that $85 to $86 million has been drained from the Heco Bridge. Blockchain security firms Cyvers and Peckshield raised the alarm about this breach, stating, “Our initial analysis indicates the suspicious $86.6m outflow from Heco Chain bridge was from a compromised operator, which was operational since [October 8, 2022].”

In a strategic move in 2022, Sun combined HTX’s Heco Chain with the Tron and Bittorrent blockchains, aiming to foster a more integrated platform and promote cooperation between developers from Heco, Tron, and Bittorrent. Recently, Sun’s ventures have been recurrent targets of significant cyber attacks, including the HTX (formerly Huobi) hack, the Poloniex breach, and the latest Heco Chain incident.

Currently, the perpetrator’s wallet holds 30,949 ether, valued at $62.83 million, which is only a portion of the total stolen amount. As of 9:00 a.m. Eastern Time on November 22, 2023, there has been no update from Heco Chain’s X account regarding the situation. However, Sun has addressed the issue on social media, revealing that HTX is preparing to compensate for the lost funds.

“HTX will fully compensate for HTX’s hot wallet Losses,” Sun wrote. “Deposits and withdrawals [are] temporarily suspended. All funds in HTX are secure, and the community can rest assured. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”

Why do you think Justin Sun-linked projects are being attacked? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/sUmzk4a
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