CZ Offers To Deploy Binance's Security Team To Recover HTX's Stolen Assets

After the crypto exchange HTX, formerly known as Huobi, suffered an $8 million loss due to a hack, Binance CEO Changpeng “CZ” Zhao stepped forward, offering his exchange’s security team to investigate the attack. The incident resulted in a reduction of around 5,000 Ethereum ETH/USD in HTX's hot wallet.

Hackers are likely to conceal their tracks by utilizing mixers or converting the stolen assets to privacy tokens, making the timely intervention of CZ's security team crucial for tracing them, Cointelegraph reports.

Tron founder and HTX adviser, Justin Sun believes that $8 million is a significantly smaller amount and is equal to only two weeks’ revenue for the HTX platform.

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HTX Next Steps

Meanwhile, HTX has proposed a 5% white-hat bonus, worth around $400,000, to incentivize the return of the stolen funds. Data from Etherscan.io reveals that the exchange has given the attacker an ultimatum to return 95% of the assets within seven days, with the promised bonus, or face the involvement of law enforcement.

HTX has also started real-time surveillance processes to avoid any reoccurrence of such scams.

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