Justin Sun 'Confident' In HTX's Ability To Recover Funds, Gives No Update On $8M Hack

TRON founder and HTX advisor Justin Sun has expressed his confidence in the exchange's ability to recover funds but did not offer any update on the $8 million funds stolen by hackers.

While Sun confirmed that HTX, formerly Huobi, lost $8 million due to a hack, he noted the sum represents just two weeks' worth of the exchange's revenue.

In a live broadcast, titled "Talk to Justin Sun about Crypto Safety Issues," the executive said he is confident in the exchange's ability to recover the stolen funds.

"We encourage white hat ethical hacking and are confident in our ability to recover the funds. HTX has a proven track record of collaborating with authorities to apprehend hackers and will not tolerate any hacking activities. Even if users not affiliated with HTX have had their assets compromised, we will initiate charitable efforts to assist them in recovering their losses," the HTX advisor said.

Sun also emphasized the value of security on-chain and that it needed continued adoption of a wide range of measures to ensure the safety of users and their funds.

"Past experiences have taught us that security is an ongoing race, where we must continually adopt measures to ensure the security of user assets and fortify our security defense," Sun said. "Security is an eternal concern, and we will always prioritize the safety of user assets."

Over the weekend, Sun confirmed that HTX lost 5,000 ether (ETH) equivalent to around $8 million. He assured customers that the incident was identified immediately, and the team took swift action to prevent any more losses.

The HTX advisor also shared the company has fully covered the losses and that funds are safe, underlining the roughly $8 million funds lost to the hack was nothing compared to the $3 billion worth of assets held by its users, and the amount is just equivalent to two weeks' revenue of HTX.

"$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks' revenue for the HTX platform," he tweeted.

"All funds are secure, and trading operations have continued as usual. We promptly addressed and resolved all issues, restoring the platform to its normal state without delay," Sun added.