Hacker offered 5% as a “white hat” reward: Cryptocurrency exchange HTX takes an innovative approach to recover stolen funds

11:41 am
September 26, 2023

A recent security breach at the cryptocurrency exchange HTX (formerly Huobi) led to a hacker stealing $7.9 million worth of Ether (ETH). However, HTX took immediate action to cover the losses and ensure the safety of user funds.

The vigilant monitoring system of HTX detected the hack as soon as it happened, allowing the exchange to secure all user assets and address the issue promptly. Normal trading operations were restored without delay.

In an attempt to recover the stolen funds and encourage the hacker to act as a “white hat” (an ethical hacker who helps improve security), HTX took a proactive approach. The exchange offered the hacker a unique opportunity: a 5% “white hat bonus,” amounting to nearly $400,000, to return the stolen assets. However, the offer came with a seven-day deadline for compliance.

To demonstrate their commitment to recovering the funds and enhancing security measures, HTX also extended an invitation to the hacker to join the exchange as a security white hat advisor.

Perspective on the Hack

While the $7.9 million loss may seem significant, it represents only a fraction of the total assets entrusted to HTX. The exchange safeguards approximately $3 billion in user assets, making the stolen amount equivalent to just two weeks’ worth of revenue for the HTX platform.

Despite the security incident, HTX’s native token, HT, continues to trade, with a current value of $2.43. The token experienced a slight decline of 1.24% after the hack but has since stabilized.

FAQs

How much was stolen in the HTX security breach?

The hacker made away with $7.9 million worth of Ether (ETH) in the security breach.

What is a “white hat” hacker?

A “white hat” hacker is an ethical hacker who helps organizations improve their security by identifying vulnerabilities and potential breaches. They operate in a legal and ethical manner.

What was the incentive offered to the hacker?

HTX offered the hacker a 5% “white hat bonus,” amounting to nearly $400,000, to return the stolen assets. Additionally, they extended an invitation to join the exchange as a security white hat advisor.

Did HTX recover the stolen funds?

The article does not mention whether HTX was successful in recovering the stolen funds.

What is the current value of HTX’s native token?

HTX’s native token, HT, currently has a value of $2.43.


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