Cooperative had $30 million stolen, vowing to increase security

Cryptocurrency exchange HTX, formerly known as Huobi, has experienced a series of security breaches in recent months, culminating in a significant hot wallet hack on Wednesday that resulted in a loss of 30 million dollars. Justin Sun, the Cooperative’s advisor, immediately resolved the incident, assuring users that their funds were safe and that they would be fully compensated. Despite the setback, the Cooperative announced Thursday morning that services had resumed within 24 hours of the breach, underscoring the loss’s small impact on its total.

The exchange has faced a tumultuous period since its rebrand in September when it was first hit with an $8 million loss. This was followed by another attack on November 22 that resulted in $13.6 million in damage and the breach of the Heco bridge with a theft of $86.6 million. Additionally, Poloniex, another operation under the supervision of Justin Sun, had $100 million stolen on November 10 due to what some suspect was mishandling of private keys.

In total, these security issues led to staggering losses totaling $208 million for Sun’s crypto projects in just two months. In response to these incidents, Sun has repeatedly promised investor compensation and has talked about implementing enhanced security measures to prevent future breaches. However, skepticism remains high in the crypto community, especially after Hacken suggested possible insider involvement and criticism arose regarding lax security protocols .

Furthermore, market observers have noted an unusual spike in the value of TRX following these hacking incidents, sparking discussions around potential market manipulation or moves strategies of influential players. As the Cooperative attempts to overcome these challenges and restore trust among users, the broader implications for market confidence in cryptocurrency exchanges remain under scrutiny.

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