Justin Sun Assures Users After Over $200 Million Loss Hack Of Crypto Exchange HTX
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HTX, a crypto exchange previously known as Huobi Global, and its decentralized autonomous organization (DAO), successfully bounced back from a Distributed Denial-of-Service (DDoS) attack.
The DDoS attack caused a brief suspension of services for both HTX and its decentralized autonomous organization (DAO). A DDoS attack is a type of cyber assault where the attacker floods a network with an overwhelming volume of internet traffic.
Sun Assures The Crypto Community Of The Safety Of Funds
The main objective of such an attack is to disturb the normal performance of the targeted network and make it unreachable to legitimate users. However, HTX and its DAO managed to overcome the interruption and restore normal operations. Justin Sun assures the crypto community that the website is back to normal after facing a brief disruption
HTX advisor and crypto entrepreneur Justin Sun informed the crypto community that services were back to normal after a brief 15-minute outage. He shared this news on his social media account on X, guaranteeing users that the exchange’s website was back online, and highlighted the safety of all user funds, SAFU.
The update aimed to calm concerns within the crypto community, assuring them of a fast and safe resolution. On November 10, HTX faced a hack where $97 million was stolen from both the exchange and the Heco Chain blockchain protocol.
HTX Exchange Recorded A $98 Million Profit In Q3 2023
In late 2023, Justin Sun, who is also the founder of the Tron blockchain protocol, mentioned that HTX made a profit of $98 million in the third quarter. This is even with challenges in the crypto world. He explained that HTX and its related companies earned a total of $202 million in revenue from July to September 2023. However, they had expenses of $104 million, which led to a net profit of $98 million for the quarter.
In the last part of the year, the owner expected to earn around $190 million in revenue. After accounting for expenses of $88 million, they predict a profit of about $104 million. Despite this fact, Justin Sun is optimistic about the future.
Sun stated that the exchange has compensated for all the losses and guaranteed users that their money is secure. Moreover, the exchange reduced its staff from 2,500 to 900 due to challenges related to revenue.
