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Hundreds of Billions of Shiba Inu (SHIB) Tokens Stolen From Heco Bridge

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Wed, 22/11/2023 - 16:45
Hundreds of Billions of Shiba Inu (SHIB) Tokens Stolen From Heco Bridge
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The Heco Bridge, which is used for moving funds between HTX's Heco Chain and the Ethereum network, has been compromised. The security breach has resulted in the theft of approximately $83.4 million worth of cryptocurrencies. 

Among the stolen assets were 42.11 million USDT, 10,145 Ethereum (ETH) valued at $20.42 million, 489 HBTC worth $15.63 million and a staggering 346.87 billion Shiba Inu (SHIB) tokens, equaling $2.75 million.

Additional losses included 173,200 UNI ($932,000), 610,000 USDC, 42,399 LINK ($600,000) and 347,000 TUSD. 

The attackers promptly exchanged all these assets for Ether. They have managed to amass a total of 41,434 ETH.

Exploitation of Heco Bridge 

HTX advisor Justin Sun has confirmed that both HTX and the Heco Cross-Chain Bridge were subject to a hacker attack. 

In response to this incident, HTX has temporarily suspended deposits and withdrawals, assuring the community that all funds within HTX remain secure.

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Sun announced that HTX would fully compensate for losses incurred by the hot wallet.

The investigation into the specific reasons behind this attack is underway, and services are expected to resume once the cause is identified and addressed.

Vulnerability of crypto bridges

Cryptocurrency bridges have become a focal point for security concerns within the digital asset industry. 

These bridges, designed to facilitate the transfer of assets between different blockchain networks, have repeatedly been targets of high-profile hacks.

Last year, the Wormhole Bridge was drained of $320 million, while the Ronin Network breach resulted in a $625 million loss.

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