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  • Writer's pictureConnie Chan

Another Justin Sun platform hacked, will cover losses.

Another Justin Sun platform hacked, will cover losses.
Another Justin Sun platform hacked, will cover losses.

Justin Sun, the founder of the TRON blockchain and a prominent figure in the cryptocurrency industry, recently disclosed information about a hack that occurred. This incident marks the second time in less than a month that one of the platforms associated with the crypto founder has suffered a significant financial loss, impacting its users.

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Justin Sun Shares Details About Recent Hack

Data from crypto analytics firm Cyvers Alerts reveals that a significant amount of Ethereum (ETH), totaling 10,145, was drained during the attack. The attackers specifically targeted the Heco bridge, a platform associated with the crypto exchange HTX, as well as Justin Sun.

Cyvers Alerts has successfully identified the addresses linked to the attack on HTX and the bridge. The platform suffered a loss of approximately $12.5 million in stablecoins such as USDC, USDT, Chainlink (LINK), and Ethereum.

The chart below illustrates the attackers' strategy of utilizing multiple transactions to transfer the funds while attempting to cover their tracks. To achieve this, the bad actors converted millions in stablecoins to ETH. The analytics firm has provided the following statement:

Hacker has distributed all the assets to different EOAs with 1 $ETH for gas fee per each address. Then transferred all $ETH to another EOAs. Right now all stolen funds are parked at 4 different addresses!

Modus Operandi for Transferring Stolen Assets from the Heco Bridge. Source: Cyvers on X

Further information provided by crypto analytics firm Nansen has identified the addresses linked to the hacking incident. Justin Sun has commented on the incident and its implications for the users.

HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.

Sun Suffers Second Attack In Two Weeks

The crypto community responded to Sun's post, inquiring about the attacks that have affected related platforms. While the investigations have not yet revealed the reason for targeting this particular platform, it is important to note that the crypto industry is constantly facing threats from cyber criminals.

A couple of weeks ago, our sister website, NewsBTC, reported on a hacking incident that targeted Poloniex, the exchange led by Justin Sun. The hackers managed to steal over $60 million in customer funds, affecting various assets such as Ethereum (ETH) and Tether (USDT), resulting in losses of approximately $11 million for each.

In an effort to recover the stolen funds, Poloniex is offering a 5% 'white hat' bounty to the hacker, urging them to return the funds to specified wallets. This offer comes with a seven-day window before law enforcement intervention, and it has generated mixed reactions from the crypto community.

At the time of writing, Ethereum is trading at $2,028, showing sideways movement on lower timeframes.

ETH’s price trends to the upside on the daily chart. Source: ETHUSDT on Tradingview
ETH’s price trends to the upside on the daily chart. Source: ETHUSDT on Tradingview

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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