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Huobi Launches SAFU Fund After $8 Million Hack
09/26/2023

Huobi Launches SAFU Fund After $8 Million Hack

09/26/2023
4,3

Yesterday, HTX (formerly Huobi) suffered a hot wallet hack in which a hacker managed to withdraw up to $8 million in cryptocurrency. Today, HTX Global Advisor Justin Sun announced the launch of a SAFU fund to recoup the losses.

On his X account, Justin Sun confirmed that the exchange has set up a SAFU fund to recover the losses. Justin Sun was one of the first representatives of the exchange who immediately responded to the incident and promised to take action. In addition to setting up the SAFU fund, the exchange has implemented monitoring tools to prevent similar incidents in the future.

On September 25, HTX was hacked. Its representatives immediately found the addresses of the fraudsters and sent them a message asking them to return the funds, keeping 5%. Otherwise, the exchange promised to hand over the case to law enforcement authorities. A day has already passed since the incident, and the attackers have not responded to HTX's offer.

In a separate message, Justin Sun assured users of the platform's security.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Justin Sun


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