Huobi Exchange Successfully Retrieves Stolen Funds Through Hacker Incentive
Huobi Global's exchange, HTX, recently recovered funds swiped by hackers in September and rewarded them with 250 Ether, signaling a fresh approach to handling crypto security breaches
– On Sept 25, hackers hit HTX's hot wallet, grabbing 5,000 ETH valued at $8M. HTX quickly identified the culprits and proposed a $400,000 reward (5% of stolen funds) for returning 95% by Oct 2, avoiding legal action
On Oct 7, Justin Sun, an advisor to Huobi, announced the hackers' decision to return a substantial portion of the stolen assets, marking a positive resolution
HTX delivered on its commitment by rewarding them with 250 ETH
Hacking incidents surged 153% in Q3 2023 compared to 2022, with 76 reported hacks targeting crypto and Web3 projects
The crypto industry is grappling with rising security challenges, prompting innovative solutions like offering bounties to hackers.