Justin Sun Announces SAFU Fund After HTX (Huobi) Hack

Justin Sun Announces SAFU Fund After HTX (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

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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