NewsletterBreaking: Justin Sun Announces SAFU Fund After HTX Global (Huobi) Hack
Following a hack of $8 million worth Ethereum (ETH) on Huobi, now called HTX Global, the company’s advisor Justin Sun announced fresh measures to try and resolve the situation. On September 25, 2023, the crypto community woke up to the news of HTX suffering a loss of 5,000 ETH in a hacker attack.
Also Read: XRP Price To Face Volatility With Huge Anonymous Wallet Transfers?
Huobi SAFU Fund
In response to the fuss around the Huobi hack, Sun HTX promised users in the community that the platform always prioritizes the security of user assets. He also announced the hosting of a Twitter Space later on September 26, 2023 to discuss the exchange’s security. Further, the TRON Founder announced the establishment of a SAFU fund so that the platform will always be prepared in such scenarios. Sun stated that the exchange’s multi-backup, multi-signature cold wallet system ensures 100% security.
“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 other incidents of crypto hacks, one involving a $40 million Bitcoin holdings in possession with Lazarus Group of North Korea and other being a $200 million worth of crypto assets under threat with the attack on Mixin Network.
Hacker’s Offer
Meanwhile, the HTX Global hackers are yet to respond to Justin Sun offer of 5% reward from the stolen funds. However, there is a deadline of a week until they can return the funds. Sun warned of taking legal action if not returned within the deadline.
Also Read: Binance Belgium Reopens After 3 Month Regulatory Pause
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Eyes Entry into Traditional Sports as Tether Bids $1B for Juventus FC
- Michael Saylor’s Strategy Secures Nasdaq 100 Spot as MSCI Inclusion Debate Heats Up
- $12T Vanguard Still Skeptical of Bitcoin Despite Offering BTC ETFs, Calls It a ‘Digital Labubu’ Toy
- Breaking: OCC Grants Ripple Conditional Approval For Banking License
- Crypto ETF Issuer Bitwise Defends Michael Saylor’s Strategy, Urges MSCI Neutrality on DATs’ Inclusion
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
- Is Solana Price Poised for a +50% Bullish Rally? Here’s What to Expect
- Top 3 Price Predictions for Bitcoin, Ethereum, and XRP in DEC 2025
- Will Chainlink Price Break Toward $20 After 84K LINK Reserve Increase?
- XRP Price Target $3 as Spot ETFs Continue to See Inflows
