Safeguarded Assurance: HTX, Poloniex Assets Remain '100% Secure,' Affirms Justin Sun Post $200M Breach

In the aftermath of recent cyber attacks last month that resulted in the loss of more than $200 million from both HTX and Poloniex exchanges, Justin Sun, a prominent figure in the cryptocurrency space, has provided assurance to the community regarding the safety of assets held on these platforms, asserting that they are now considered "100% secure."

In response to the security breaches, both exchanges have reinstated withdrawals for specific assets, allowing Bitcoin (BTC) and Tron (TRX) to be among the limited options eligible for withdrawal. Nevertheless, the aftermath has given rise to a unique scenario, causing these particular tokens to trade at a premium on Poloniex. Users seeking to liquidate their assets and withdraw alternative cryptocurrencies have faced the prospect of incurring a potential reduction of up to 10%.

The suspension of withdrawals was implemented in the wake of hackers siphoning $114 million from Poloniex's hot wallets on November 10th, followed by an additional $97 million stolen from HTX and the Heco Chain blockchain protocol.

Expressing optimism about the recovery process, Justin Sun, who serves as both an investor in Poloniex and an advisor for HTX, stated, 

"At present, Poloniex and HTX have successfully recovered from the hack, and we are gradually resuming the tokens."

Sun highlighted that they have addressed the loss of tokens on both platforms, assuring users that "100% of assets are now secure."

An HTX spokesperson echoed Sun's positive sentiment, asserting, 

"The recent outflow represents only a small fraction of our overall reserves, and HTX continues to operate in a stable and healthy manner."

In an effort to address user concerns, HTX and Poloniex have jointly announced an airdrop valued at $1 in Tether (USDT). This compensation initiative aims to provide users with one airdropped token for every U.S. dollar worth of tokens they hold on the respective exchanges, offering a gesture of goodwill following the inconvenience caused by the security breaches.

Despite the recent challenges, both HTX and Poloniex have demonstrated resilience, with HTX reporting $1.6 billion in trading volume over the past 24 hours, and Poloniex accumulating $843 million, according to CoinMarketCap.

Justin Sun gained prominence in the cryptocurrency industry through his establishment of the Tron blockchain, a venture that successfully secured $70 million in funding through an initial coin offering (ICO) conducted in 2017. Currently, Tron stands as the 11th most substantial cryptocurrency, boasting a market capitalization of $9.1 billion. Additionally, it has positioned itself as the second-largest blockchain in terms of volume, with an impressive total value locked (TVL) of $7.9 billion. This accomplishment reflects Tron's significant growth and impact within the dynamic landscape of the digital currency realm.

Justin Sun, recognized for his significant contributions to the crypto industry as the founder of the Tron blockchain, faced regulatory scrutiny earlier this year when the Securities and Exchange Commission (SEC) filed a lawsuit alleging that TRX was a security. Sun's legal team was recently granted an extension to respond to the lawsuit, underscoring the ongoing complexities within the evolving cryptocurrency landscape.

Read More: Crypto Rebound: Poloniex's Resilience and Recovery