Justin Sun amplifies security with new SAFU fund following HTX Global hack

on Sep 26, 2023
  • HTX Global, formerly Huobi, suffered a massive hack on Monday, losing 5,000 ETH.
  • The firm’s advisor, Justin Sun, has unveiled the SAFU fund following the incident.
  • SAFU fund will help the company prepare to handle such cases.

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News of HTX Global losing 5,000 ETH following a hack dominated the crypto market on Monday, 25 September. Meanwhile, the loss of Ethereum tokens worth about $8 million has forced the firm’s advisor, Justin Sun, to announce new policies to manage similar occurrences.

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HTX’s SAFU fund

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Amidst the conversations about Huobi’s security breach, Sun highlighted the SAFU fund to control hacking-related issues. Besides promising users that their company ensures user safety, the TRON founder unveiled a real-time monitoring functionality to avoid such losses. He stated,

“Our multi-backup, multi-signature cold wallet system ensures 100% security. Security is an ongoing commitment, and we will continually update and iterate on security measures to ensure that our users’ assets remain the safest in the industry.”

Further, Justin Sun offered a 5% reward for HTX Global perpetrators to return the stolen money. He threatened a legal move if the hackers failed to initiate a refund within a week.

Huobi Token (HT) price outlook

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HT coin attempts recoveries as bears amplify their action following yesterday’s attack. The alt changed hands at $2.44 at press time, exhibiting bearishness in its 1-day chart.

HTX’s hacking incidents are among multiple fraudulent activities that have dominated the digital assets sector (lately). Earlier, reported another hacking incident in the crypto market. Mixin Network suspended deposits & withdrawals after hackers drained $200 million from the network’s assets.


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