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Following a hack of $8 million price Ethereum (ETH) on Huobi, now known as HTX Global, the corporate’s advisor Justin Sun introduced contemporary measures to attempt to resolve the scenario. On September 25, 2023, the crypto neighborhood woke as much as the news of HTX struggling a lack of 5,000 ETH in a hacker assault.

Also Read: XRP Price To Face Volatility With Huge Anonymous Wallet Transfers?

Huobi SAFU Fund

In response to the fuss across the Huobi hack, Sun HTX promised customers locally that the platform at all times prioritizes the safety of person property. He additionally introduced the internet hosting of a Twitter Space afterward September 26, 2023 to debate the trade’s safety. Further, the TRON Founder announced the institution of a SAFU fund in order that the platform will at all times be ready in such situations. Sun acknowledged that the trade’s multi-backup, multi-signature chilly pockets system ensures 100% safety.

“We have established the SAFU fund to be prepared at all times for losses resulting from platform security issues. Additionally, we have implemented real-time monitoring mechanisms to prevent such losses.”

Earlier, CoinGape reported two different incidents of crypto hacks, one involving a $40 million Bitcoin holdings in possession with Lazarus Group of North Korea and different being a $200 million price of crypto property underneath risk with the attack on Mixin Network.

Hacker’s Offer

Meanwhile, the HTX Global hackers are but to answer Justin Sun supply of 5% reward from the stolen funds. However, there’s a deadline of every week till they’ll return the funds. Sun warned of taking authorized motion if not returned throughout the deadline.

Also Read: Binance Belgium Reopens After 3 Month Regulatory Pause

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Anvesh reviews main crypto updates round U.S. regulation and market shifting traits. Published over 1,200 articles thus far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.