Summary
HECO, created by Justin Sun, is a gateway that facilitates the exchange of tokens and coins between the Ethereum blockchain and the Heco Chain. Recently, there was a questionable transfer of $86 million from one of the HECO accounts to an unknown address, which has raised concerns.
Introduction
HECO, founded by Justin Sun, is a platform designed to enable the exchange of tokens and coins between the Ethereum blockchain and the Heco Chain. It was launched on December 21, 2020, with the goal of offering a cross-chain experience with lower gas rates. In 2022, Sun merged the Tron network with the BitTorrent bridge ecosystem into HECO. However, the platform has recently encountered a security issue involving an $86 million transfer.
Main Points
Peckshield Alert, an on-chain security tool, has discovered a suspicious transaction of $86 million from a HECO account to an unknown address. Additionally, Peckshield has tracked a separate transaction of 10,145 ETH, suggesting the possibility of a hacked address. According to Igor Igamberdiev, head of research at Wintermute, and PeckShield, the stolen funds were rapidly sent to decentralized exchanges and traded for other tokens.
Igamberdiev further claims that a second hack occurred on the cryptocurrency exchange HTX, with $23.4 million being transferred in a similar pattern to the HECO bridge hack. To enhance security, HTX has started transferring funds from a hot wallet to a recovery wallet. It is worth noting that this is the second security incident involving a project related to Justin Sun, as his 2018 exchange acquisition Poloniex was hacked for $100 million.
Conclusion
HECO, created by Justin Sun, has experienced a questionable transfer of $86 million, causing concerns about the platform’s security. The stolen funds were swiftly sent to decentralized exchanges and traded for other tokens. Furthermore, a second hack occurred on the HTX cryptocurrency exchange, with $23.4 million being transferred in a similar pattern to the HECO bridge hack. HTX is taking measures to enhance security by transferring funds to a recovery wallet. These incidents highlight the importance of robust security measures in the crypto industry.