News - Justin Sun accused of complicity in cyber attacks

By Luc Vesters

Justin Sun accused of complicity in cyber attacks

Justin Sun's corporate empire has been beset by a wave of cyber attacks. The most recent incident involved the crypto exchange HTX, formerly Huobi. Approximately $13.6 million in crypto assets was stolen from three "hot wallets" on Nov. 22.

A few hours earlier, security companies also noticed suspicious transactions on the HECO Bridge linked to Huobi. About $86 million is out of the blockchain bridge streamed.

"HTX and Heco Cross-Chain Bridge are under attack by hackers," Sun responded to X. HTX will "fully compensate HTX's hot wallet losses." Deposits and withdrawals are "temporarily suspended."

The entrepreneur addresses concerns about the security of client funds: "All HTX funds are secure and the community can rest assured. We are currently investigating the exact reasons for the hacker attack. Once we complete the investigation and find out the cause, we will resume services."

Two weeks ago, there was an attack on the crypto exchange Poloniex. Again, the hack took place on one of the hot wallets and $130 million was stolen. Parts of it were later frozen. The North Korean hacker group Lazarus is suspected of being behind the attack. Poloniex is also owned by Justin Sun.

About US$230 million was stolen from Justin Sun's crypto ecosystem in just a few days.

Justin Sun charged with aiding and abetting

The cryptoblog WhaleWire accuses Justin Sun of complicity to the attacks.

"In reality, there were no hacks, it was just insiders running an exit scam using backdoors they had built years ago."

Regulators have cracked down on former FTX boss Sam Bankman-Fried and Binance founder Changpeng Zhao, and Justin Sun could be next in the crosshairs, according to WhaleWire. "He does what all these criminals do when their time is up: they fake a 'hack' and leave the company with everyone's money."

FTX and Mt. Gox used "the same 'hack' excuse "days before they went bankrupt."

The allegations cannot be proven.

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