In the wake of a significant security breach, Justin Sun has vowed to compensate users of the HTX exchange following an $86.6 million exploit of its HECO Chain bridge. The cyberattack, which occurred on Tuesday, resulted in substantial losses, including $13.6 million from three compromised hot wallets that were converted to Ethereum (ETH) and other tokens, as identified by cybersecurity firm Cyvers. In response to this incident and a previous $8 million hack in September, Sun has taken decisive action today by halting all transactions on the bridge to safeguard assets.
The HECO Chain bridge was established as part of the 2020 merger between Tron and BitTorrent, which aimed to enhance blockchain interoperability and user experience. However, this second major security incident within a few months has raised concerns about the bridge's vulnerability and the overall safety of decentralized finance platforms.
Sun's commitment to reimburse affected users is part of a broader effort to maintain trust in the platform and mitigate the financial impact on the HTX community. The suspension of transactions is a temporary measure intended to prevent further unauthorized transfers and allow for a thorough security review. As the situation unfolds, HTX users are advised to monitor official updates for information regarding compensation and when normal operations will resume.
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