Cryptocurrency exchange HTX reported a hack resulting in an $8 million loss. Following this, Binance CEO Changpeng CZ Zhao offered the help of Binance's security team to investigate the attack. On September 24, blockchain analysis platform Cyvers identified a theft that emptied 5,000 ethers from HTX's hot wallet. The source of this detection comes from the system developed by artificial intelligence (ML).

Public declaration and willingness to help

The exchange was proactive in minimizing the damage, offering 5% of the stolen funds as a reward. Later, CZ joked about the resemblance between the new HTX brand and Sam Bankman-Fried's FTX. In response to a tweet from Tron founder Justin Sun, Binance security will lend a hand in the search for the stolen funds. Although Mr. Sun denies owning a significant stake in HTX, he will be hosting several live broadcasts in English and Chinese, discussing the security of the exchange.

Hack Mixin Network

The day before the hack, dHTX Global alarms. Decentralized peer-to-peer network Mixin Network lost nearly $200 million in another hack. The latter involved a breach of a third-party cloud service provider's database.

The investigations continue: 0xScope establishes a link with the past

An independent investigation conducted by SaaS web3 analysis platform 0xScope has revealed historic reports. It establishes the link between the Mixin Network hacker. HTX is not the only exchange to have suffered significant losses as a result of hacking. A recent attack on CoinEx resulted in the theft of $70 million worth of compromised private keys.

Tips for improving exchange security

• Use cold wallets: Hot wallets are constantly connected to the Internet and present greater risks. Cold wallets are less vulnerable to online attacks.
• Choose complex passwords: use passwords containing a combination of upper and lower case letters, numbers and special characters. This combination strengthens the security of your account.
• Enable two-factor authentication (2 FA): adding an extra layer of security with 2 FA can make it much harder for hackers to access your account.
• Regular software updates: keep your operating systems and antivirus software up to date to protect against new threats.

Conclusion

The support offered by Binance's CEO, and the efforts made by the exchange platforms, show a real willingness to cooperate. Nevertheless, users must also remain cautious and adopt best practices to protect their assets.