Justin Sun-Linked HTX Sees Nearly $260M Net Outflow Since Resuming Operations After Million-Dollar Hack

HTX, the recently rebranded centralized cryptocurrency exchange platform linked to the Chinese-born Grenadian crypto entrepreneur Justin Sun, saw nearly $260 million net outflow since it resumed its operation after suffering from a million-dollar hack.

HTX resumed its operations on Nov. 25 after it became the victim of a hack for the second time since its rebranding from Huobi, which saw around $30 million leave the platform’s coffers.

Data from the TVL aggregator for decentralized finance (DeFi) revealed that funds started to leave the Seychelles-based exchange between Nov. 25 and Dec. 10, highlighting that some of its users were not at ease with the series of hacking incidents that happened to the platform this year.

In the HTX reserves, Bitcoin occupies the largest chunk — approximately 33% — data from DefiLlama revealed.

Meanwhile, the rest of the reserves consist of the TRX token from the Tron blockchain — around 32%; HT token — the native cryptocurrency of the exchange which represents 14%, while the remaining 12% is USDT, the Sun-linked token.

As of 7:30 a.m. ET on Monday, Sun’s HTX occupies the 15th spot in CoinMarketCap’s top cryptocurrency exchanges with a 24-hour trading volume of $1,614,404,020, an average liquidity of 372, and total assets of $2,350,586,313.98.

HTX was first hacked a little less than two weeks after its rebranding in September, where it suffered nearly $8 million in losses.

It was hacked again in November, where it reportedly lost around $30 million due to another hack.

Apart from HTX, several other Sun-linked crypto businesses like Poloniex and the HTX Eco Chain (HECO) bridge were also hacked.

Poloniex suffered the most in terms of losses, as it saw around $100 million leave its coffers because of an exploit believed to be due to a compromised private key.

Sun did not respond to the millions of dollars leaving HTX, but announced on the social platform X on Sunday that the Tron network reached 200 million users, which according to him was “a significant milestone for our community. Thanks to everyone who’s part of this journey.”

He added, “With the end of the crypto winter, we’re moving into a promising period. Your support for #TronNetwork is invaluable.”

Sun also announced a TRX airdrop, as a way to celebrate the latest milestone, saying, “I’ve initiated a 10K $TRX airdrop, available through the Binance Square red envelope feature. It’s a small token of our shared success.