This week, crypto markets were in turmoil. Justin Sun’s HTX and Mixin Network fell victim to hacks. Binance left Russia while MicroStrategy augmented its BTC stash.
A flurry of hacks and scams
The crypto scene witnessed a slew of security breaches and developments around scams throughout this week. Crypto exchange Upbit encountered a challenge involving counterfeit tokens amounting to $3.4 billion in trades.
The prominent South Korean platform witnessed the proliferation of counterfeit tokens masquerading as Aptos (APT) tokens. These tokens, identified as ‘ClaimAPTGift’ coins, attempted to infiltrate the exchange, causing a disruption.
In response to the growing number of crypto-related scams, Chase U.K. opted this week to take a precautionary stance by prohibiting all cryptocurrency payments.
Commencing on Oct. 16, they will implement a categorical restriction on any transactions related to cryptocurrencies. Evidently, Chase U.K. has reservations regarding the cryptocurrency ecosystem, primarily due to concerns surrounding fraudulent activities.
HTX suffers $8 million hack
HTX (formerly Huobi) experienced an unwelcome intrusion by hackers, resulting in the theft of 500 Ether (ETH) with an approximate value of $8 million. In response, HTX assumed responsibility for compensating their affected clientele.
Justin Sun, HTX’s advisory board member, noted that the funds represent a small portion of the exchange’s $3 billion reserves. He confirmed that HTX has offered a substantial 5% reward, worth $400,000, to the hackers if they are willing to return the stolen assets.
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Author: Wahid Pessarlay
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