Justin Sun Confirms Security of Assets on HTX and Poloniex Following $200M Hack

Assurance of Asset Safety Post-Hack

Justin Sun, a prominent figure in the cryptocurrency world, has reassured users that assets on HTX and Poloniex are completely secure following a substantial hacking incident last month. This breach led to the loss of over $200 million across both exchanges.

Restoration of Withdrawals and Asset Safety

Despite the significant cyber theft, which included $114 million from Poloniex’s hot wallets and $97 million from HTX and Heco Chain, both exchanges have re-enabled withdrawals for certain cryptocurrencies. Bitcoin (BTC) and Tron (TRX) are among the digital assets available for withdrawal. This limitation has led to these tokens being traded at a higher value on Poloniex recently, resulting in a potential loss for users wanting to liquidate and withdraw.

Justin Sun’s Commitment to Security

Justin Sun, an investor in Poloniex and an advisor for HTX, informed CoinDesk that considerable progress has been made in recovering the platforms. “HTX has resumed operations with 95% of its USD value of assets, while Poloniex has reached around 85%,” Sun stated. He emphasized that despite the exchanges needing to recoup future profits, customer assets remain entirely secure.

HTX’s Position on the Hack

An HTX spokesperson highlighted that the recent outflow was a minor portion of their total reserves, affirming that HTX continues to operate stably and healthily.

User Confidence Measures: Airdrops Announced

To alleviate concerns of those with funds on HTX and Poloniex, both exchanges have announced an airdrop of $1 worth of tether (USDT) per U.S. dollar value of tokens held. This airdrop aims to rebuild trust among users and demonstrate the platforms’ commitment to asset security.

Trading Volume and Market Activity

Despite the hacking incident, HTX and Poloniex have maintained significant trading volumes. HTX facilitated a substantial $1.6 billion in trades over the past 24 hours, while Poloniex recorded $843 million, as reported by CoinMarketCap.

Conclusion: Strengthening Asset Security

The recent hack serves as a reminder of the vital importance of robust security measures in the crypto industry. The quick response and reassurances from platforms like HTX and Poloniex, along with Justin Sun’s involvement, show a commitment to maintaining user trust and securing digital assets in the ever-evolving cryptocurrency landscape.