Huobi Launches SAFU Fund After $8 Million Hack
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.
We have established the SAFU fund to be prepared at all times for losses resulting from platform security issues. Additionally, we have implemented real-time monitoring mechanisms to prevent such losses.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 26, 2023
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.
Our multi-backup, multi-signature cold wallet system ensures 100% security. Security is an ongoing commitment, and we will continually update and iterate on security measures to ensure that our users' assets remain the safest in the industry.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) September 26, 2023
