Following a major security breach, Justin Sun has pledged to compensate users of the HTX exchange after the exploitation of his HECO Chain bridge to the amount of $86.6 million. The cyberattack, which occurred on Tuesday, resulted in substantial losses, including $13.6 million from three compromised hot wallets that were converted to (ETH) and other tokens, as identified by the cybersecurity firm Cyvers. In response to this incident and a previous $8 million hack in September, Sun took decisive action today by halting all transactions on the bridge to protect assets.
The HECO Chain Bridge was created as part of the 2020 merger between Tron and BitTorrent, which aimed to improve blockchain interoperability and user experience. However, this second major security incident in a matter of months has raised concerns about the vulnerability of the bridge and the general security of decentralized finance platforms.
Sun’s commitment to refunding affected users is part of a broader effort to maintain trust in the platform and mitigate the financial impact on the HTX community. The suspension of transactions is a temporary measure intended to prevent further unauthorized transfers and to allow for a thorough security review. As the situation develops, HTX users are advised to follow official updates for information on compensation and when normal operations will resume.
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