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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Magazine: ‘AI has killed the industry’: EasyTranslate boss on adapting to change
Groups tackling AI-generated child sexual abuse material could be given more powers to protect children online under a proposed new law.
Organisations like the Internet Watch Foundation (IWF), as well as AI developers themselves, will be able to test the ability of AI models to create such content without breaking the law.
That would mean they could tackle the problem at the source, rather than having to wait for illegal content to appear before they deal with it, according to Kerry Smith, chief executive of the IWF.
The IWF deals with child abuse images online, removing hundreds of thousands every year.
Ms Smith called the proposed law a “vital step to make sure AI products are safe before they are released”.
An IWF analyst at work. Pic: IWF
How would the law work?
The changes are due to be tabled today as an amendment to the Crime and Policing Bill.
The government said designated bodies could include AI developers and child protection organisations, and it will bring in a group of experts to ensure testing is carried out “safely and securely”.
The new rules would also mean AI models can be checked to make sure they don’t produce extreme pornography or non-consensual intimate images.
“These new laws will ensure AI systems can be made safe at the source, preventing vulnerabilities that could put children at risk,” said Technology Secretary Liz Kendall.
“By empowering trusted organisations to scrutinise their AI models, we are ensuring child safety is designed into AI systems, not bolted on as an afterthought.”
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AI child abuse image-maker jailed
AI abuse material on the rise
The announcement came as new data was published by the IWF showing reports of AI-generated child sexual abuse material have more than doubled in the past year.
According to the data, the severity of material has intensified over that time.
The most serious category A content – images involving penetrative sexual activity, sexual activity with an animal, or sadism – has risen from 2,621 to 3,086 items, accounting for 56% of all illegal material, compared with 41% last year.
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The data showed girls have been most commonly targeted, accounting for 94% of illegal AI images in 2025.
The NSPCC called for the new laws to go further and make this kind of testing compulsory for AI companies.
“It’s encouraging to see new legislation that pushes the AI industry to take greater responsibility for scrutinising their models and preventing the creation of child sexual abuse material on their platforms,” said Rani Govender, policy manager for child safety online at the charity.
“But to make a real difference for children, this cannot be optional.
“Government must ensure that there is a mandatory duty for AI developers to use this provision so that safeguarding against child sexual abuse is an essential part of product design.”
Coinbase Business, a new business platform from major US crypto exchange Coinbase, has launched in Singapore, marking the company’s first international expansion.
After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore as its first international market outside of the US, the company announced on Wednesday.
Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto operating platform” that allows users to send and receive payments in Coinbase-backed stablecoin USDC (USDC), manage crypto assets and automate financial workflows.
“By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks,” the company said.
Strategic cooperation with Standard Chartered
Coinbase is rolling out the service in cooperation with Standard Chartered, its local banking partner, to enable Singapore dollar transfers for both retail and business clients.
With Standard Chartered’s support, Coinbase Business provides Singapore businesses with a suite of tools, including crypto trading, global payouts, payment links with a 1% transaction fee and asset management with rewards on USDC holdings.
Coinbase Business’s launch in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.
In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both individual and institutional clients in Singapore.
Related: Coinbase debuts token sale platform with Monad launch
Last month, Coinbase announced participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-currency) program, which aims to expand financial settlement capabilities by enabling the use of tokenized bank liabilities and regulated stablecoins.
“This collaboration with the MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that underpins the next era of finance,” Coinbase noted.
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