In a surprising turn of events, the cryptocurrency exchange Huobi has successfully recovered all 5,000 ETH, valued at $8 million, stolen during a hacker attack in late September. The hacker responsible for the theft has returned the entire amount, as previously agreed, in exchange for a 250 ETH “white hat” bonus, equivalent to $400,000.
The confirmation of this development came from Justin Sun, the co-founder of Tron, who shared the news with his followers. Sun publicly commended the hacker for making the right choice by returning the stolen funds to the centralized crypto-exchange. He also emphasized the challenges of safeguarding users’ assets and stressed the importance of enhancing blockchain security.
The September hacker attack on Huobi had raised concerns within the crypto community, as the exchange is a prominent player in the industry. Justin Sun, who serves as an advisor to Huobi, took it upon himself to inform users about the incident and reassure them that their losses would be covered. He highlighted that the $8 million in stolen ETH represented only a small fraction of the $3 billion in assets held by Huobi users. Furthermore, Huobi managed to secure all funds swiftly, allowing the platform to resume normal trading operations.
As part of his efforts to resolve the situation, Justin Sun had promised the hacker a $400,000 reward along with the opportunity to work as a “security consultant” for Huobi if the stolen funds were returned. Sun had also warned that if the hacker chose not to return the funds, the exchange would involve law enforcement authorities.
Additionally, it’s worth noting that Huobi underwent a rebranding process in mid-September, adopting the name HTX as its new international identity. This strategic move aimed to enhance the exchange’s global presence and better serve its English-speaking user base. Justin Sun, as the visionary consultant, played a pivotal role in this transformation, envisioning HTX as a major player in the rapidly expanding digital asset trading landscape. The objective is to move beyond the perception of being China-centric and collaborate with governments in various regions, including Lithuania, Dubai, Australia, Argentina, and Brazil.
In conclusion, the return of stolen funds to Huobi marks a positive outcome for the exchange and the crypto community, demonstrating the importance of robust security measures in the blockchain industry.
