Justin Sun-Backed Crypto Exchange HTX Saw $258M Net Outflow After Hack

HTX exchange, associated with industry stalwart Justin Sun, has witnessed a $258 million net outflow following its return to operations after a significant hack.

What Happened: As per a Bloomberg report on Sunday, the HTX exchange has seen a departure of funds between November 25 and December 10, following its reopening after a massive security breach.

According to data obtained from DefiLlama, the large outflow suggests that the security incident last month may have unnerved some clients, prompting them to withdraw their funds.

See Also: Is Bitcoin Headed Over The $50K Mark? A Look At The Apex Crypto, Ethereum And Dogecoin Into The Weekend

HTX had previously disclosed a loss of $30 million in crypto tokens due to the attack, which led to a temporary halt in deposits and withdrawals on the platform.

Why It Matters: HTX currently ranks as the 16th largest cryptocurrency exchange in terms of daily trade volume.

In the aftermath of HTX resuming operations on November 25, Sun pledged full reimbursement for users impacted by the hot wallet breach and indicated that an investigation into the incident is in progress.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $42,289.80, down 3.71% in the last 24 hours, according to Benzinga Pro. 

Photo by Bits And Splits on Shutterstock

Read Next: Bitcoin’s Early Santa Claus Rally? Analyst Predicts $50,000 BTC Next Week, Another Cautions On ‘Overheating’ Price

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.