Binance CEO Hires Security Team to Trail Hubai HTX’s Stolen Funds

The crypto exchange HTX (formerly known as Huobi) disclosed that hackers recently drained $8M. Hours after this incident, Changpeng Zhao (the CEO of the prominent crypto exchange Binance) offered assistance by allocating the security team working under his platform. The security team of Binance is tracking the funds that the exploiters took away from Huobi.

Zhao of Binance Allocates Security Team for Tracking HTX’s Stolen Funds

In-time intervention plays a significant role in the tracking as well as the retrieval of stolen crypto assets. Hackers intend to conceal their tracks to escape any type of investigation, tracking, or retrieval. In this respect, they use crypto mixers or convert the looted assets into some privacy tokens. On 24 September, Cyvers (a blockchain analytics company) detected a hack that witnessed the drainage of nearly 5,000 ETH tokens.

🚨Red Code🚨Yesterday, our ML-powered system detected a suspicious transaction involving @HuobiGlobal and @HTX_Global.
Despite our attempts to reach out, we received no response. An EOA received 5K $ETH $7.9M from @HuobiGlobal's hot wallet.

🔍 This morning, we spotted… pic.twitter.com/3oqHhAVi8P

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 25, 2023

The bad actors took away the respective assets from a hot wallet belonging to HTX. To decrease the damage, HTX took some proactive measures. Hence, it provided five percent of the drained assets in the form of a “white-hat bonus.” The amount of the respective bonus would be approximately $400,000. Nonetheless, the hacker has received 7 days for compliance.

Also Read: MoonPay Provides an Option to Binance.US to Deal with Crypto Payment Holdup

The Crypto Exchange Communicates with Hacker in Mandarin to Get Back Funds

The platform communicated the respective offer in Chinese language Mandarin. While making jokes about it, Zhao pointed toward the resemblance between the names of HTX and Sam Bankman-Fried’s notorious platform FTX. Nonetheless, one cannot compare the extent of the lost funds in both companies.

[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…

— Mixin Kernel (@MixinKernel) September 25, 2023

FTX turned out to be an alleged scam while the hackers took away funds from HTX. Zhao reacted to a post that Justin Sun (the founder of Tron who plays the role of HTX’s adviser) shared on X. He noted that the security team would likely assist in tracking stolen funds. Sun asserted that the firm would cover the consumers’ losses.