On-chain transaction data shows that the majority of HTX customers are panicking and in no mood to keep funds on the HTX crypto platform.
HTX is a popular crypto trading platform, formerly known as Huobi Global. Early this year, a popular crypto entrepreneur Justin Sun acquired the majority of shares of Huobi Global for $1 billion, but publicly denied such claims. In 2019, Justin acquired the crypto exchange Poloniex. He also founded and co-founded several crypto tokens such as Tron (TRX), BitTorrent (BTT), Just Coin (JST), Sun Coin (Sun), Winklink (Wink), ApeNft (Ape) etc.
In the past 30 days, between November 25 and December 10, the HTX exchange saw an outflow of more than $258 million in crypto assets from the platform.
This rapid outflow of money from HTX is happening due to the panic among HTX customers. The majority of HTX customers do not feel safe about the security of the cryptocurrencies on the HTX platform.
On November 22, 2023, an unknown hacker compromised the security of the HTX platform and stole nearly $30 million worth of cryptocurrencies.
To compensate for the customer loss due to the hacking incident, HTX’s reserves consist of 32.3% Bitcoin and 31.8% Tron (TRX).
However, Justin, owner of the HTX exchange, confirmed that the exchange will fully compensate the loss that the customers faced, but this is not enough for the HTX customers for future incidents.
In addition to the HTX hacking incidents, Justin’s other crypto exchange Poloniex was hacked. In that incident, the hacker stole nearly $100 million worth of cryptocurrencies.
Data showed that November was the best month for the crypto hackers. Hackers made $363 million from hacking attacks in the crypto sector. The majority of these crypto assets were stolen by the hackers from Justin’s crypto platforms.
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