HTX Recovers Nearly All Stolen ETH in Unprecedented Move

In a rare turn of events in the cryptocurrency realm, HTX, previously known as Huobi, has successfully reclaimed 4,999 ETH out of the 5,000 ETH stolen from its hot wallet. The incident, which transpired on September 24, saw hackers pilfering ETH equivalent to $8 million. However, HTX’s swift identification of the perpetrators and its subsequent plea for the return of the stolen assets, sweetened with a 5% “white hat” bonus, led to the almost complete recovery of the stolen funds.

The term “white hat” typically refers to ethical hackers who pinpoint system vulnerabilities without malicious intent. In this scenario, the hacker’s decision to return the vast majority of the stolen assets is perceived as a commendable “white hat” gesture.

HTX’s firm stance against such cyberattacks underscores its dedication to protecting its users’ assets. This incident starkly contrasts with other recent breaches, such as the one experienced by Web3 platform, Galxe, where users lost access to their funds due to a DNS account compromise.

Another platform, Stars Arena, based on the Avalanche protocol, is currently seeking funding to recover from a hack that resulted in losses amounting to nearly $3 million. While the funding source remains undisclosed, the platform has committed to conducting a thorough audit before reactivating its smart contract.

On a broader scale, legislative bodies are taking proactive measures to curb crypto-related crimes. The U.K., for instance, is advancing the Economic Crime and Corporate Transparency Bill, which primarily targets illicit cryptocurrency activities. Initiated in September 2022, the bill is on the cusp of receiving its final approval.

South Korea is also stepping up its game with the launch of the Joint Investigation Centre for Crypto Crimes. This team, consisting of around 30 experts from diverse fields, aims to bridge the regulatory voids surrounding digital assets. The Prosecutors’ Office has highlighted the unit’s pivotal role in safeguarding investors in the absence of comprehensive legislation.

The recovery of stolen funds by HTX sets a precedent in the crypto industry, emphasizing the importance of swift action and innovative solutions. As the digital asset landscape continues to evolve, the need for robust security measures and legislative frameworks becomes increasingly evident. These incidents serve as a reminder of the challenges the crypto world faces and the necessity for continuous vigilance and adaptation.

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