HTX From Hot to Cold – $258 Million Flows out since Resuming Operations Last Month

Since Resuming Operations Last Month, HTX Records a Net Outflow of $258 Million

Source: YouTube / CNBC A Crypto Roller Coaster Ride: HTX’s Net Outflow of $248M

Listen up, digital asset investors! Brace yourselves for the wild ride of the century! Justin Sun’s crypto exchange, HTX, has been on a roller coaster journey, with a whopping $248 million net outflow since the grand reopening. It’s been quite the thrill!

Let’s rewind a little. Last month, HTX suffered a major security breach, resulting in a heart-stopping loss of $30 million worth of crypto tokens. Naturally, they hit the emergency brakes and temporarily halted withdrawals and deposits. That sent shockwaves through the crypto world!

But even after HTX assured everyone that they were on the case, conducting a thorough investigation and promising full compensation for the losses from their scorching hot wallet, some riders remained skeptical. According to DefiLlama data, the nerve-wracking outflow happened between November 25 and December 10. Looks like not everyone was ready to trust the thrill again.

Hold on tight, folks, because here’s where it gets even more intense! Our main character, Justin Sun, is also linked to the Poloniex exchange and the HECO Bridge, both of which were hacked last month. And you won’t believe this—the total amount stolen from these platforms was a jaw-dropping $200 million! Talk about a high-stakes adventure!

Now, Justin Sun has had his fair share of drama. The TRX token from the Tron blockchain, which he launched back in 2017, landed him in some hot water. The Securities and Exchange Commission accused Sun and his firms of market manipulation, claiming they artificially inflated TRX trading activity. Yikes! This roller coaster just keeps getting crazier!

But wait, there’s more! Let’s peek into HTX’s reserves. As of December 8, 33% of their reserves are fueled by the mighty Bitcoin, while the TRX token represents a thrilling 32%. HTX’s very own coin, HT, revs up 14% of the reserves, and a token backed by our fearless leader Sun—stUSDT—accelerates at 12%. Buckle up, because this ride takes you on a wild journey through multiple cryptocurrencies!

Now, to keep you at the edge of your seats, security firm BlockSec reported that HTX managed to recover a fantastic $8 million that was stolen back in September. But hold onto your hats, folks, because the hackers still hold the reins on the $30 million they snagged in the November breach. Will they ever let go? Only time will tell!

Despite all the twists and turns, HTX Exchange, formerly known as Huobi, remains one of the top 20 crypto exchanges, with a roaring average trading volume of $1.6 billion in the past 24 hours. Talk about high-octane action!

However, the recent outflow indicates that digital-asset investors have become more sensitive to security-related issues. With memories of other high-profile exchange collapses, like the FTX platform crash last year, still fresh in their minds, it’s no wonder they’re looking for safety belts and helmets before hopping on the HTX roller coaster.

So, dear thrill-seekers and digital enthusiasts, are you ready to take on the twists and turns of the crypto world? Buckle up, because this roller coaster ride is far from over! Hold tight to your digital assets and get ready for the next thrilling chapter in the HTX saga. It’s going to be one wild ride!

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