{"id":65338,"date":"2023-09-25T18:23:35","date_gmt":"2023-09-25T22:23:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/huobis-hot-wallet-reportedly-drained-of-7-9-million-what-happened\/"},"modified":"2023-09-25T18:23:38","modified_gmt":"2023-09-25T22:23:38","slug":"huobis-hot-wallet-reportedly-drained-of-7-9-million-what-happened","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65338","title":{"rendered":"Huobi’s Hot Wallet Reportedly Drained of $7.9 Million \u2013 What Happened?"},"content":{"rendered":"
\n

Global cryptocurrency exchange Huobi was the victim of a cyberattack that resulted in the theft of 5,000 ETH worth approximately $7.9 million.\u00a0<\/p>\n

CyversAlerts, a reliable crypto security company, was the first to report the attack.\u00a0<\/p>\n

The blockchain firm stated that the attack was successful due to a compromise in one of Huobi’s hot wallets. Hot wallets are easily accessible cryptocurrency wallets connected to the internet.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Huobi Global investor Justin Sun also confirmed the attack on X earlier today, September 25, 2023.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Per the reports from CyversAlerts, the global exchange seems to have detected the crypto wallet address used and the identity of the criminals involved. As a result, they have contacted the culprits with an interesting proposition.\u00a0<\/p>\n

Huobi sent a transaction to the hacker’s wallet address with a message, per\u00a0details\u00a0on Etherscan.<\/p>\n

They informed the culprits that they knew their identity and demanded the return of funds within a specific timeframe.\u00a0<\/p>\n

Huobi has promised to reward the cybercriminals with a 5% bonus for the stolen funds \u2013 about $395K. In addition, the exchange is planning to hire the hacker as a security consultant, as confirmed by\u00a0Sun on X<\/a>.\u00a0<\/p>\n

However, failure to return the stolen funds within the timeline would lead to Huobi involving law enforcement.\u00a0<\/p>\n

Could This Be Another Strike By the Lazarus Group?<\/h2>\n

Crypto exchanges have been a profitable cyber-attack target due to their weak security architecture and because they hold large crypto funds.\u00a0<\/p>\n

According to\u00a0Crystal Blockchain report, approximately $16.7 billion in cryptocurrencies was stolen between January 2011 and February 2023.\u00a0<\/p>\n

A series of hacks have been recorded in the crypto landscape, which is believed to be caused by the Lazarus Group, a popular cyberattack organization affiliated with North Korea.\u00a0<\/p>\n

On September 11, popular blockchain security platform CertiK announced that the North Korean hacker’s group was responsible for\u00a0pilfering $41 million\u00a0from Stake online casino.\u00a0<\/p>\n

The firm further cited that 520,000 MATIC tokens worth over $266,000 were swapped and bridged to the Avalanche blockchain by the same Stake attacker, the Lazarus Group.\u00a0<\/p>\n

<\/oembed><\/figure>\n

Twelve days after the Stake online casino was hacked, Huobi might be the latest victim.\u00a0<\/p>\n

While no evidence yet connects the exchange attack to the North Korean cyberattack group, the coming days will provide much-needed clarity.\u00a0<\/p>\n<\/p><\/div>\n