In this photo, the HTX logo, formerly known as Huobi, is displayed on the screen of a mobile device.
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Two cryptocurrency platforms associated with prominent digital entrepreneur Justin Sun have been hacked with two exploits, and an estimated $115 million may have been stolen so far.
The targeted projects include the HTX digital currency exchange, formerly known as Huobi, where hackers leaked approximately $30 million worth of cryptocurrencies, the company said in a statement Wednesday.
HTX admitted that the so-called blockchain bridge Heco Chain was also attacked.
Sun, an HTX investor and affiliated with Heco Chain, confirmed the incident.
Blockchain bridges connect different networks and enable fast exchange and movement of different cryptocurrencies. These chains have proven vulnerable to hacking.
Market analysis firm CryptoQuant estimates that a total of $85.4 million worth of cryptocurrencies were stolen from Heco Chain. It was primarily built on stablecoins USDT and Ether.
A large amount of HTX's native cryptocurrency HBTC was also stolen. According to CoinGecko data, HBTC price has fallen by more than 5% compared to 24 hours ago.
CNBC has reached out to HTX for comment on Heco Chain's losses.
HTX said it has identified the source of the attack and has “taken emergency measures to protect user assets.” The exchange has temporarily suspended deposit and withdrawal services on both HTX and Heco Chain as a “precautionary measure.”
The company also said it would “fully compensate for any losses caused by the hot wallet attack.” A hot wallet is a cryptocurrency wallet connected to the internet.
According to data from CryptoQuant, around 11,100 Ether tokens were moved off the HTX exchange in the past few hours. This is approximately $23 million worth of cryptocurrencies and is primarily the result of hackers stealing digital coins and several users attempting to obtain money from the exchange, a CryptoQuant spokesperson said. told CNBC.
CryptoQuant analyst Bradley Park said that since stablecoins USDT and USDC could be frozen, hackers are switching stolen assets to more liquid ether assets. Ta.
Tether, which issues USDT, and Circle, which operates USDC, did not immediately respond to inquiries from CNBC for comment.
The HTX hack comes after another Sun-backed exchange, Poloniex, was hacked this month and $100 million worth of cryptocurrencies were stolen.
