Justin Sun in no hurry to tell China about HTX hack

While Justin Sun immediately took to X to discuss the hack that occurred on his crypto exchange HTX (formerly Huobi), news of the loss has trickled into China through foreign media reporting. Sun hasn’t posted on his Weibo since the day before the hack, which resulted in a loss of about 5,000 ETH, transpired.

CoinDesk and other outlets reported on September 25 that Huobi had suffered an $8 million hack, with Sun promising that the amount was nothing when compared to the “$3 billion worth of assets held by (Huobi) users” and that “all funds are secure.”

It’s unclear why Sun hasn’t taken to Chinese social media to assuage the fears of users on the mainland, as according to SimilarWeb most traffic to the site appears to come from “other” jurisdictions, implying most customers are Chinese or Hong Kongers.

The site has also seen a dramatic rise in Russian users since the War in Ukraine began.

Since the most recent hack, the HT token — formerly the Huobi Token — has seen its price fall roughly 2%.

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Hacked but still safe

While admitting to a loss of customer funds, Sun also stated that Huobi’s “multi-backup, multi-signature cold wallet system ensures 100% security.” Based on this hack alone, that’s clearly not true.

But this also isn’t the first time that Huobi has lost important customer assets: in July Protos reported that Huobi had accidentally given up two years’ worth of customer data in a breach. Despite this massive misstep, executives said, “The type of information leaked does not involve sensitive information and does not affect user accounts and fund security.”

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