CZ appoints Binance security team to track Huobi HTX stolen funds
Hours after the crypto exchange HTX (rebranded from Huobi) reported a hack that resulted in a loss of $8 million, Binance CEO Changpeng “CZ” Zhao offered the help of the exchange’s security team in investigating the attack.
Timely intervention is key to tracking down and retrieving stolen cryptocurrencies, as hackers attempt to hide their tracks using mixers or converting the loot to privacy tokens. On Sept. 24, blockchain analytics platform Cyvers identified a hack that drained 5,000 Ether (ETH) from one of HTX’s hot wallets.
Red CodeYesterday, our ML-powered system detected a suspicious transaction involving @HuobiGlobal and @HTX_Global.
Despite our attempts to reach out, we received no response. An EOA received 5K $ETH $7.9M from @HuobiGlobal‘s hot wallet.This morning, we spotted… pic.twitter.com/3oqHhAVi8P
— Cyvers Alerts (@CyversAlerts) September 25, 2023
To minimize the damage, HTX proactively offered 5% of the drained funds as a “white-hat bonus,” which would amount to nearly $400,000. However, the hacker has been provided with seven days to comply. HTX communicated the offer in Mandarin (Chinese), as shown in the screenshot below.
On a lighter note, CZ joked about the resemblance of the newly rebranded HTX with Sam Bankman-Fried’s infamous crypto exchange, FTX. However, the loss of funds in both exchange are incomparable, given that HTX was hacked and FTX was an alleged scam.
Responding to a tweet from Tron founder Justin Sun, who also serves as an adviser t HTX, CZ appointed Binance’s security team to help track the stolen funds. Additionally, Sun confirmed that HTX will cover all losses for its users. He added:
“$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue for the HTX platform.”
HTX also implemented real-time monitoring mechanisms to prevent such losses. While Sun denies owning a major stake in HTX, he committed to conducting several live streams — in English and Chinese — to discuss exchange security.
Binance did not immediately respond to Cointelegraph’s request for comment about the ongoing HTX hack investigations.
Related: CoinEx hack: Compromised private keys led to $70M theft
Just a day before the HTX hack, Decentralized peer-to-peer network Mixin Network lost nearly $200 million in a hack involving the compromise of the database of a third-party cloud service provider.
[Announcement] In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet. We have contacted Google and blockchain security company @SlowMist_Team…
— Mixin Kernel (@MixinKernel) September 25, 2023
An independent investigation from Web3 SaaS analytics platform 0xScope revealed the hacker’s historical relationship with Mixin Network. In 2022, the address 0x1795 — which has been linked to the hacker — received 5 ETH from Mixin, and was deposited into Binance later.
Deposits and withdrawals on Mixin Network will recommence “once the vulnerabilities are confirmed and fixed.” The plans to recover the lost assets for users were not announced immediately.
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Politics
Jess Phillips says there’s ‘no place’ where violence against women ‘doesn’t happen’ – as spiking to become new offence
Jess Phillips has said “there is no place” where violence against women and girls “doesn’t happen” – as a new law is set to make spiking a criminal offence.
Earlier on Friday, the government said spiking will now be its own offence with a possible 10-year prison sentence as part of the Crime and Policing Bill, which will be introduced in parliament next week.
It also announced a nationwide training programme to help workers spot and prevent attacks.
Speaking to Sky News correspondent Ashna Hurynag, the safeguarding minister said that while spiking is already illegal under existing laws, the new classification will simplify reporting the act for victims.
“Spiking is illegal – that isn’t in question, but what victims and campaigners who have tried to use the legislation as it currently is have told us is that it’s unclear,” Ms Phillips said.
Spiking will be made a criminal offence, carrying a sentence of up to 10 years. Pic: iStock
UK ‘was never safe’ for women
When asked if the UK is becoming a less safe place for women, the minister for safeguarding and violence against women and girls, said: “I don’t think it’s becoming less safe, if I’m being honest. I think it was never safe.”
Speaking about a rise in coverage, Ms Phillips said: “We have a real opportunity to use that, the sense of feeling [built by campaigners] in the country, to really push forward political change in this space.”
“The reality is that it doesn’t matter whether it’s the House of Commons or any pub in your local high street – there is no place where violence against women and girls doesn’t happen, I’m afraid,” she added.
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Spiking is when someone is given drugs or alcohol without them knowing or consenting, either by someone putting something in their drink or using a needle.
Police in England and Wales received 6,732 reports of spiking in the year up to April 2023 – with 957 of those relating to needle spiking.
London’s Metropolitan Police added that reports of spiking had increased by 13% in 2023, with 1,383 allegations.
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November 2024: If you got spiked would you report it?
As part of the nationwide training programme, a £250,000 government-funded scheme was started last week to teach staff how to spot warning signs of spiking crimes, prevent incidents and gather evidence.
It aims to train 10,000 staff at pubs, clubs and bars for free by April this year.
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Alex Davies-Jones, minister for victims and violence against women and girls, said in a statement that “no one should feel afraid to go out at night” or “have to take extreme precautions to keep themselves safe when they do”.
“To perpetrators, my message is clear: spiking is vile and illegal and we will stop you,” he said. “To victims or those at risk, we want you to know: the law is on your side. Come forward and help us catch these criminals.”
Colin Mackie, founder of Spike Aware UK, also said the charity is “delighted with the steps being taken by the government to combat spiking”.
He added: “Spiking can happen anywhere, but these new initiatives are the first steps to making it socially unacceptable and we urge anyone that suspects or sees it happening, not to remain silent.”
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