Cyber Incident Victim: HTX / Huobi
Date:
Sep 2023
Location:
China
Summary
The HTX crypto exchange experienced a security breach resulting in the theft of approximately $8 million worth of Ethereum, with hackers extracting nearly 5,000 ETH. The exchange's representative assured users that losses were fully covered, emphasizing normal operations and the safety of assets, while downplaying the financial impact by comparing it to two weeks of platform revenue. The incident drew public attention after a blockchain security firm alerted users, noting prior unsuccessful attempts to contact the exchange, and sparked community criticism due to its timing shortly after rebranding from Huobi, including remarks from industry figures.
| CIA Posture | Motives | Tactics, Techniques & Procedures |
|---|---|---|
| Available to members | 1 motive | 1 technique |
| Threat Actors | Type | Location |
|---|---|---|
| 0 actors | Available to members | Available to members |
Description
On or around September 24, 2023, HTX (formerly Huobi) cryptocurrency exchange experienced a security breach resulting in the theft of approximately 5,000 Ethereum (ETH), valued at $8 million. The incident was first detected by blockchain security firm Cyvers Alerts, which attempted to notify HTX but reportedly received no response prior to public disclosure. HTX advisor Justin Sun confirmed the hack via social media platform X (formerly Twitter), stating the exchange had fully covered all losses and resolved related issues. Sun emphasized user assets remained secure (#SAFU) and normal operations continued uninterrupted, characterizing the stolen amount as relatively small compared to HTX's total holdings—equivalent to approximately two weeks of platform revenue. The public disclosure occurred after Cyvers Alerts notified the community, indicating a delay between breach detection and user notification.
The incident occurred shortly after Huobi's rebranding to HTX, drawing criticism and mockery from cryptocurrency community members. Binance CEO Changpeng Zhao referenced the timing in a social media post, humorously noting the rebranding occurred "a week after you rename your exchange after FTX" while offering Binance's security assistance in tracking the stolen funds. Community commentary highlighted perceived irony in the breach following the rebranding initiative. This hack formed part of a broader pattern of September 2023 cryptocurrency thefts, including a $200 million exploit of Mixin Network and a $27 million theft from CoinEx exchange, though no technical connection between these incidents was established. HTX maintained its financial position remained unaffected due to internal coverage of losses, with no reported operational disruptions or secondary impacts beyond the initial asset theft.