Last month, the crypto exchange HTX (formerly Huobi) experienced a hack of 5,000 ETH, equivalent to approximately $8 million. But instead of solely resorting to legal action, HTX played a bold card: contacting the hacker and negotiating a return of the funds in exchange for a bounty.
HTX Negotiates with the Hacker
Shortly after the incident, HTX approached the hacker, claiming to know their identity. The platform then offered a 5% bounty, amounting to around $400,000, with a promise to refrain from legal proceedings if 95% of the funds were returned before October 2nd.
$400,000 Bounty for HTX Hacker
Justin Sun, a prominent figure behind Huobi Global and an advisor at HTX, didn’t mince his words when reacting to the incident on social media. He praised the hacker’s choice and expressed gratitude to the community for their support, acknowledging the complexity of ensuring complete security in the volatile world of cryptocurrencies.
Strengthening blockchain security and protecting user assets is a herculean task. We tirelessly work to ensure the total security of our users’ assets. We are grateful for the continued support of our users and our community.
During the same week as the attack on HTX, the decentralized cross-chain protocol Mixin Network was exploited for around $200 million, following a breach at a third-party cloud service provider.