HomeCryptocurrencyHackers Give Back Stolen Money After Being Exposed by HTX

Hackers Give Back Stolen Money After Being Exposed by HTX

HTX Recovers Stolen Funds After Identifying Hackers

Crypto.news – In a rare turn of events, HTX (formerly Huobi) has successfully recovered 4,999 ETH, equivalent to $8 million, after a cyberattack on its hot wallet. The centralized cryptocurrency exchange swiftly identified the culprits and took a bold step by requesting the return of the stolen funds. Surprisingly, the hacker complied, keeping only 1 Ether from their ill-gotten gains. This remarkable outcome highlights the effectiveness of HTX’s identification efforts and sets a precedent in the world of cryptocurrency exchanges.

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HTX’s White Hat Reward

The decision of the hacker to return the majority of the stolen funds is seen as a “white hat” move in the cryptocurrency world. “White hat” refers to ethical hackers who expose system vulnerabilities without exploiting them for personal gain. HTX commends the hacker’s choice to heed the ethics call and return the funds. This incident further reinforces HTX’s commitment to safeguarding user assets and demonstrates their unyielding stance against hacking attempts.

Security Breaches and Lessons Learned

The recent security breach experienced by Galxe, a Web3 platform, serves as a stark reminder of the persistent threats digital asset platforms face. Users reported losing access to their funds and wallets, and the Galxe website went offline. The breach was attributed to a DNS account compromise through Dynadot, a domain marketplace. This incident underscores the critical need for robust security measures in the cryptocurrency industry.

Similarly, the social media protocol Stars Arena, based on the Avalanche network, fell victim to a hack causing substantial losses amounting to nearly $3 million. While the source of the funding to recover remains undisclosed, the platform assures users that a full audit will precede the reopening of its smart contract.

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Initiatives Against Crypto Crimes

The United Kingdom is taking proactive steps to combat crypto-related financial crimes. The Economic Crime and Corporate Transparency Bill, currently in its final approval phase, primarily addresses illicit cryptocurrency activities. This legislation aims to enhance corporate transparency and foreign business registrations as well. The impending royal assent will mark the bill’s journey to becoming law, signifying formal endorsement by the monarch.

In South Korea, efforts to combat crypto-related crimes have materialized with the establishment of the Joint Investigation Centre for Crypto Crimes. This unit comprises approximately 30 specialists from various sectors, including legal, financial, tax, and customs. Their goal is to fill the regulatory gaps surrounding virtual assets and protect investors until comprehensive legislation and oversight processes are established.

This article highlights the successful recovery of stolen funds by HTX and emphasizes the importance of robust security measures in the cryptocurrency industry. It also sheds light on the initiatives taken by the UK and South Korea to combat crypto-related crimes. As the industry continues to evolve, safeguarding user assets and maintaining transparency remain critical priorities.

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