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Hackers return stolen funds after being identified by HTX

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HTX, formerly Huobi, recovered 4,999 ETH stolen by hackers, setting a rare precedent in the centralized cryptocurrency exchange world.

On Sept. 24, HTX’s hot wallet suffered a cyberattack that saw 5,000 ETH, equivalent to $8 million, stolen by hackers. The exchange swiftly identified the culprits and initiated a daring move by requesting the stolen funds’ return. As an incentive for the hacker’s cooperation, HTX offered a 5% “white hat” bonus, set to expire on Oct. 2.

Remarkably, the hacker chose to heed the ethics call and returned 4,999 ETH to HTX, retaining just 1 Ether from their original ill-gotten gains. While cryptocurrency hacks are distressingly common, the return of stolen funds remains a rarity, highlighting the effectiveness of HTX’s identification efforts.

According to lookonchain, HTX (formerly Huobi) hackers have just returned 4,999 ETH of stolen funds. On September 24, the HTX hot wallet was attacked and 5,000 ETH was hacked. HTX stated that it had confirmed the true identity of the hacker and requested the return of funds and a… https://t.co/gOnPFrQrlv

— Wu Blockchain (@WuBlockchain) October 7, 2023

HTX white hat reward

The term “white hat” in the cryptocurrency world refers to ethical hackers who expose system vulnerabilities without exploiting them for personal gains. In this instance, the hacker’s decision to return the majority of the stolen funds is seen as a “white hat” move, commended by HTX.

HTX’s unyielding stance against hacking attempts underscores the exchange’s commitment to safeguarding user assets.

Galxe, a Web3 platform, recently experienced a security breach in a separate incident. Users reported losing access to their funds and wallets, with the Galxe website going offline. The breach was attributed to a DNS account compromise through Dynadot, a domain marketplace.

This heist serves as a stark remind

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Author: Ogwu Osaemezu Emmanuel

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