Following the $8 Million HTX Hack, Justin Sun Established the “SAFU” Fund

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Last Updated on September 26, 2023 by Bitfinsider

In line with his tweet, the platform team established the SAFU fund to ensure that they are always ready to cover any damages that may occur from issues related to platform security.

Additionally, HTX has put in place real-time monitoring systems to stop these kinds of losses. Sun has committed to holding multiple livestreams in both Chinese and English to talk about the security of the exchange, even if he denies owning a sizable portion of HTX.

The theft occurred on September 24, according to Web3 security company Cyvers, when a hacker removed 5,000 ETH from the network.

Sun acknowledged the attack while highlighting that the $8 million represents the exchange’s monthly earnings and is only a small portion of HTX’s total assets. The platform is running “completely normally,” he continued, and the problems that caused the intrusion have been fixed.

In addition, the HTX administration allegedly offered the hacker a 5% “white hat bonus” (about $393,000) if they returned the stolen assets by October 2nd, according to Cyvers Alerts. The trading site also declared that they had identified the hacker and that, should monies not be reimbursed, they will file a lawsuit within the next seven days. But as of yet, neither Sun nor HTX have verified the details around the “bonus.”

Changpeng Zhao, the CEO of Binance, the biggest cryptocurrency exchange, pledged to assist with the hack’s investigation shortly after it occurred. CZ gave Binance’s security staff the job of assisting in the money theft investigation.

In addition, he joked about how the names HTX and the notorious cryptocurrency exchange FTX are similar. Zhao pointed out that HTX’s losses are not equivalent to the whole value of users’ assets on the site, though.

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