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Justin Sun HTX crypto exchange Small

Justin Sun’s HTX Sparks Bank Run Worries As $200 Million Exits The Exchange

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

There is evidence to suggest that users may be losing faith in the crypto exchange HTX (formerly Houbi). This comes on the back of significant security breaches that the exchange has experienced in recent times. 

HTX Sees More Outflows Than Inflows

Data from DefiLlama shows that HTX has seen over $200 million leave the exchange from a period dating from November 22 up until December 10. This is noteworthy because November 22 happens to be the time when the crypto exchange and blockchain protocol Heco Chain were hacked. This led to a loss of over $100 million in several assets.

Related Reading: Dogecoin Influencer Issues Alert On Scam Tokens Targeting The Community

HTX had to halt its operations following the hack. Before it resumed operations back on November 26, the exchange had released a statement in which it 100% guaranteed that users’ funds were safe. However, that did little to alleviate the fears and concerns of users, as many have continued to withdraw their funds since then. 

The fears of these users are undoubtedly valid, considering that this most recent hack came just about 2 months after the crypto exchange suffered an exploit, which initially led to a loss of about $8 million. The exchange’s security infrastructure was called into question then, even as Binance’s security team stepped in to help investigate and recover the funds.

Meanwhile, the fact that the crypto exchange had halted its operations after the hack would have brought back memories of how things went downhill with crypto exchanges like FTX. As such, many may simply be looking to avoid losing their funds in a similar fashion. One could also allude to the Justin Sun factor in all of this. 

Sun happens to be an advisor to HTX. Interestingly, Poloniex, a crypto exchange owned by the Tron Founder also happened to suffer an exploit in November. It lost over $100 million in the process. One could begin to imagine if these hacks are somehow related and happen to be a direct attack on Justin Sun.

HTX price chart from Tradingview.com (crypto Justin Sun)

Token price holds $2.7 | Source: HTXUSD on Tradingview.com 

Tron Still Standing Strong

Despite the drawbacks Sun and the crypto exchanges he is associated with have faced, this has in no way affected Tron’s adoption. The network continues to see an impressive amount of users. Recently, it was announced that over 200 million accounts have been created on the Tron network.  

Related Reading: Shiba Inu Lead Dev Confirms Over $1.2 Million Worth Of SHIB To Be Burned – Details

Data from blockchain analytics platform Coin98 analytics also showed that Tron continues to maintain a leading position in the number of daily active users on the network. The majority of the transactions on the network are reported to be USDT transfers, with many preferring the network because of its relatively cheap gas fees. 

Acknowledging Tether’s role in this milestone, Sun gave a special shout-out to the stablecoin issuer and its developers. He stated that 34,500,061 users on Tron, which represents 17.2% of all our users, now hold USDT. 

Featured image from CryptoRank, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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