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Justin Sun

Justin Sun-Led Twin Projects Face $97M Security Breach

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The Heco Bridge, an interchain project associated with Justin Sun, is reportedly the target of malicious activities, as online investigators have identified suspicious fund transfers totaling $85 million. Cyvers Alerts, an on-chain security platform, reported that it has detected an additional $12.4 million exploitation from another venture linked to Sun, the HTX exchange.

Justin Sun
Justin Sun-Led Twin Projects Face $97M Security Breach 3

Code Red! (Ongoing)Our AI-powered system has detected multiple suspicious transactions from the HECO_Chain bridge. A suspicious address has received around $85 million. Suspicious address: https://etherscan.io/address/0xfc146d1caf6ba1d1ce6dcb5b35dcbf895f50b0c4… The first transaction is 10,145 ETH from the HECO_Chain bridge to a suspicious address. Justin Sun, have a look! More investigations will come!

A red alert was issued through an AI-powered system, revealing multiple suspicious transactions from the HECO_Chain bridge. Approximately $85 million was transferred to an address marked as suspicious. The first transaction involved 10,145 ETH from the HECO_Chain bridge to the said address, prompting online sleuths to call on Justin Sun for attention. Ongoing investigations are underway to unveil more details.

Cyvers Alerts’ tweet sounded the alarm, highlighting a series of attacks on projects associated with TRON founder Justin Sun. In 2022, Sun announced plans to integrate Huobi’s HECO [also known as Huobi Eco Chain] with the Tron and BitTorrent ecosystems. HTX, formerly known as Huobi, is an internationally rebranded exchange, advised by Justin Sun.

Justin Sun
Justin Sun-Led Twin Projects Face $97M Security Breach 4

Responding to the security breach, Justin Sun released a statement acknowledging a hacker attack on HTX and Heco Cross-Chain Bridge. He assured the community that HTX would fully compensate for losses from the hot wallet, and although deposits and withdrawals are temporarily suspended, all funds in HTX are secure. The investigation into the specific reasons for the attack is ongoing, and services will resume once the cause is identified.

Justin Sun’s HTX Has Initiated Recovery Process

In a subsequent update, Cyvers Alerts reported that HTX_Global had transferred the remaining assets to their “Huobi Recovery” address. HTX reaffirmed its commitment to fully compensating for losses from the hot wallet, while temporarily suspending deposits and withdrawals.

The incident adds to a series of cybersecurity challenges faced by projects affiliated with Justin Sun. Earlier, Poloniex, another exchange backed by Sun, experienced a security compromise resulting in losses exceeding $120 million. The alleged hacker, utilizing a Tron chain address, executed significant asset transfers, including $21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC, totaling over $42.83 million, with only $6.54 million currently frozen.

Poloniex Hacker Offered $10 Million Bounty To Return Stolen $114 Million

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In a groundbreaking move within the cryptocurrency world, the perpetrator behind the recent staggering $114 million hack on Poloniex, one of the pioneering exchanges, has been given a request to return the stolen funds within seven days and receive a generous $10 million reward or face the unified force of law enforcement from multiple countries.

Justin Sun, a prominent figure in the crypto space, revealed that the Poloniex team had successfully identified the individual responsible for the Nov. 10 cyber intrusion. Using an unconventional approach, Sun conveyed this message to the perpetrator through an on-chain statement attached to a transaction sent to the attacker’s digital address.

Utilizing multiple languages, including Chinese, English, Russian, and Korean, the statement was transmitted via an input data message (IDM) originating from one of Sun’s Ethereum wallets, specifically labeled as address 0x176F3DAb24a159341c0509bB36B833E7fdd0a132.

f2riMMhMSzmZQL 9YWuzRorqjGnFsmF1xfIC5AaHdyismimIHUzsQ0MPVzQJ0VOLUn7tRSJtEzPodwvW3oFH9NKBSL8OXkU SUNUPW95nN1JTApfmCrREeLTn9NNIVJ5pimFRKQIAlLCHmenbFA kJY

$5.7 Million Bounty Offer Falls Flat After Poloniex Hack

Poloniex suffered a major cyber breach that resulted in the loss of 3.1 million XRP, 32 million US Dollar Tethers (USDT), around 284 Ethers (ETH), 86.5 Wrapped Bitcoins (WBTC), and several TRC-20 tokens from their wallets. Justin Sun offered a 5% bounty following the hack, nearly $5.7 million. Still, the hacker did not respond.

Poloniex has recently announced that it is nearing completion of the necessary steps to restore operational functionality and resume its routine trading activities. The exchange also initiated a rigorous security audit to enhance its defenses against threats. As of November 15, Poloniex reported that the audit is underway. Once concluded, the exchange anticipates it will be confident to continue its operations as usual.

The Poloniex breach of 2023 is one of the largest cryptocurrency attacks in recent times. The only larger breach occurred earlier that year when hackers made off with over $190 million during the Euler Finance incident on March 13th. In contrast to the swift resolution of the Euler attack, where the funds were returned within a month, the Poloniex breach represents one of the most significant “black hat” cyberattacks within the cryptocurrency realm over the past year. 

Justin Sun’s Poloniex Under Seige: Estimated Loss Over $120M

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The Poloniex exchange, backed by Justin Sun, is currently under suspicion of a compromise, with potential losses surpassing $120 million. Taking swift action, Poloniex has disabled the exchange wallet for maintenance, ensuring users that updates will be provided once the wallet is re-enabled. An active investigation into the incident is underway.

In response to the situation, the Poloniex team has provided reassurance to users, affirming that despite the incident, the exchange maintains a strong financial position and is committed to fully reimbursing the affected funds. Additionally, the exchange is proactively exploring collaborations with other platforms to aid in the recovery of lost assets.

Justin Sun, the founder of TRON, has echoed Poloniex’s commitment to a thorough investigation into the hacking incident. In a bid to resolve the situation, he has offered a 5% white-hat bounty to the suspected Poloniex hacker, urging the return of funds to specified ETH, TRX, and BTC wallets within a 7-day period before legal action is pursued.

Before the wallet freeze, the alleged hacker, utilizing a Tron chain address, conducted substantial asset transfers, including $21.73 million in USDT, $14.05 million in BTC, $3.65 million in USDD, and $1.78 million in USDC, amounting to over $42.83 million. As of now, only $6.54 million remains frozen.

Poloniex
Justin Sun's Poloniex Under Seige: Estimated Loss Over $120M 7

In light of the incident, reports have surfaced suggesting that Justin Sun initiated multiple ETH transfers to a CEX recently, prompting speculation about a potential short signal. Some community members wrote that the actual stolen amount could exceed the reported $60 million, with Arkham data indicating figures surpassing $100 million. Yet, additional information regarding the extent of the loss is still anticipated.

Poloniex Exchange Hack

On the same day, Australian crypto exchange CoinSpot experienced a $2.4 million hack, believed to have resulted from a “probable private key compromise” on at least one of its hot wallets. Blockchain analyst ZachXBT traced two transactions to the alleged hacker’s wallet, which subsequently transferred funds to the Bitcoin network via ThorChain and Wan Bridge.

CertiK, a blockchain security firm, indicated that the exploit in the CoinSpot incident likely stemmed from a “probable private key compromise” on a hot wallet. This unfortunate series of events, including both CoinSpot and Poloniex, has raised concerns within the cryptocurrency community, highlighting persistent security challenges and underscoring the imperative for collaborative efforts to address and mitigate such incidents in the industry.

HTX Remarkable Recovery: Hacker Returns Stolen $8.2M In ETH

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In a surprising turn of events, the elusive hacker responsible for breaching HTX Global, formerly Huobi, has made amends by returning the entire sum of stolen assets. Blockchain analytics insights provider Lookonchain reported that a substantial amount of 4,999 Ether (ETH), valued at an impressive $8.2 million, has been refunded to HTX Global.

The security breach that sent shockwaves through the cryptocurrency community occurred last Monday when an unidentified hacker successfully infiltrated the HTX Global platform, resulting in the staggering loss of Ethereum assets.

In a swift response to the attack, TRON founder and the exchange’s advisor Justin Sun wasted no time assuring the public that the losses incurred from the hack had been fully covered and all associated issues were promptly resolved.

HTX’s Response To Cyberattack

Sun emphasized that the stolen funds represented only a fraction of HTX Global’s vast asset pool, boasting a staggering $3 billion. To incentivize the hacker’s act of goodwill, a substantial 5% Whitehat reward, amounting to $400,000, was pledged if the stolen funds were returned. Furthermore, the hacker was offered the prestigious role of security Whitehat advisor should a voluntary refund be initiated expeditiously.

Sun revealed that HTX’s security team had detected the breach. Interestingly, before this discovery, on-chain security firm Cyvers Alerts had already flagged suspicious transactions linked to the Mixin Network. These transactions led investigators to the hacked funds, tracing them back to HTX and the renowned cryptocurrency exchange Binance.

This cyberattack on HTX Global unfolded just weeks after rumors regarding the exchange’s financial stability had begun circulating. Notably, prominent developer and Dogecoin (DOGE) advocate Mishaboar had advised DOGE holders to withdraw their assets from the exchange, citing concerns about the exchange’s opaque Proof-of-Reserve claims.

Proof-of-reserve claims, often touted as indicators of a protocol’s financial health, were criticized by Mishaboar for their potential to mislead and provide an inaccurate representation of an exchange’s actual liabilities. Justin Sun urged the community to dismiss the rumors to quell these growing concerns.

With the unexpected news of the hacker’s full refund, customers are likely to regain trust and security in HTX Global amidst the recent controversies. The return of stolen assets serves as a beacon of hope for cryptocurrency enthusiasts and reinforces the resilience of the digital asset ecosystem in the face of adversity.

TRON: Justin Sun’s Legal Battle Takes an Unexpected Turn

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In a dramatic turn of events, TRON’s founder, Justin Sun, has been granted an extended lifeline in his legal battle against the U.S. Securities and Exchange Commission [SEC]. The court’s decision has given Sun until December 8, 2023, to explore potential resolutions to the SEC’s allegations, thus temporarily lifting the looming threat that has shadowed the cryptocurrency pioneer.

It all began several months ago when the US regulator served legal notices to three of Sun’s wholly-owned entities: Tron Foundation, BitTorrent Foundation, and Rainberry. The allegations were centered on the unauthorized sale of cryptocurrencies, TRX, and BitTorrent [BTT]. According to the SEC’s lawsuit, Sun was accused of orchestrating manipulative wash trading of TRX, a tactic designed to artificially inflate demand and maintain TRX’s market price.

In addition to these allegations, Sun faced charges of deceiving investors through misleading claims on social media, particularly in February 2021. The SEC contended that Sun enlisted the services of celebrities with substantial social media followings to promote unregistered offerings while concealing their compensation. Notable figures such as Lindsay Lohan, Akon, Ne-Yo, Soulja Boy, and others found themselves implicated in this complex legal web.

The SEC further asserted that Sun’s alleged scheme had generated illicit profits totaling $31 million at the expense of unsuspecting investors, all achieved through the controversial practice of wash trading. Gary Gensler, Chair of the SEC, emphasized the inherent risks faced by investors when crypto asset securities are traded without proper disclosure.

TRON’s Global Revival Plans

Unfazed by the SEC’s accusations, Sun took to Twitter to dismiss the civil complaint, asserting its lack of substance. He affirmed his commitment to building a more decentralized financial system through the Tron Foundation, maintaining that the SEC’s actions were unwarranted.

However, the recent court order has introduced a glimmer of hope into Sun’s legal battle. His legal counsel has argued convincingly for the extension, citing “good cause” for the postponement. This reprieve couldn’t have come at a more critical juncture for the Tron ecosystem, which is in the midst of an ambitious global expansion.

As part of its tenth-anniversary celebration, the cryptocurrency exchange Huobi has announced a rebranding effort, rechristening itself as HTX. This symbolic name change signifies the platform’s origins [“H” for Huobi], its unwavering commitment to the TRON network [“T” for TRON], and its core function as a cryptocurrency exchange [“X” for exchange].

With the extended timeline, Justin Sun now has room to strategize and potentially negotiate a resolution with the SEC. The Tron ecosystem’s future, as well as the broader cryptocurrency landscape, hangs in the balance, awaiting the outcome of this high-stakes legal showdown.

TUSD’s Massive Minting: Justin Sun’s Cryptocurrency Shockwave!

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In a surprising turn of events, cryptocurrency mogul Justin Sun made headlines today as his related address minted a staggering 815 million TUSD tokens. This unexpected development has left the crypto community speculating about the motives and implications of this significant transaction.

The intrigue deepened as it was revealed that the newly minted TUSD tokens were swiftly replaced by WSTUSDT, a lesser-known cryptocurrency, and deposited into JustLend. JustLend, a decentralized lending platform, has seen a remarkable surge in Total Value Locked (TVL), which has surged by an impressive 21.5% in the past 24 hours.

Justin Sun, founder of the cryptocurrency platform HTX, was quick to address the situation. He claimed that the transactions were purely his personal financial moves and had nothing to do with HTX’s business operations. Sun emphasized that these transactions were part of his diversification strategy and were unrelated to any business dealings within HTX.

JustLend’s Rising Role: TUSD’s Connection Revealed

One theory suggests that Sun may be exploring new investment opportunities in the crypto space. By converting TUSD into WSTUSDT and depositing it into JustLend, he may be looking to capitalize on the platform’s rising TVL and potentially earn higher returns. This move could indicate Sun’s confidence in the DeFi (Decentralized Finance) sector, which has been gaining significant traction in recent years.

However, skeptics remain cautious, considering the volatility and unpredictability of the cryptocurrency market. Some wonder if there is more to this story than meets the eye, especially given the magnitude of the transaction.

As the crypto community continues to dissect Justin Sun’s recent move, one thing is clear: the world of digital currencies is full of surprises and intrigue. Whether this transaction proves to be a strategic financial maneuver or merely a blip on the crypto radar remains to be seen. Only time will tell how these 815 million TUSD tokens, now converted into WSTUSDT and deposited into JustLend, will ultimately impact the cryptocurrency landscape.

In the fast-paced world of digital assets, Justin Sun’s actions serve as a reminder that the crypto market is never short on excitement and speculation. Investors and enthusiasts alike will be closely watching to see how this story unfolds and what it might mean for the future of cryptocurrency.

$200M USDT Shift: Justin Sun’s Involvement Disputed

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USDT’s recent noteworthy transaction has garnered significant interest within the cryptocurrency community. A wallet address reportedly marked as Justin Sun executed a substantial transfer, moving $200 million USDT from the lending platform JustLend to the renowned exchange Huobi. This action occurs concurrently with a remarkable surge in Huobi’s USDT reserves, which have surged from around $85 million to an impressive $285 million. However, a representative from Huobi refuted the claim that the mentioned address is owned by Justin Sun.

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Justin Sun

The transaction, which took place on the blockchain, was quickly noticed by crypto enthusiasts and analysts, prompting speculation about its implications. Justin Sun, a prominent figure in the cryptocurrency industry as the founder of TRON, has often been associated with bold and strategic financial moves. While the motivation behind this specific transfer remains unclear, some experts suggest it could be linked to arbitrage opportunities or strategic positioning in the ever-fluctuating crypto market.

Interestingly, this transfer aligns with recent developments surrounding Huobi. The exchange has been under investigation due to concerns involving its executives. As a result, users have started withdrawing funds from the platform, which has led to a significant decrease in Huobi’s reserves. However, this transaction seems to have reversed the trend, demonstrating a sudden influx of funds into the exchange.

This intriguing sequence of events raises questions about the role of influential figures like Justin Sun in shaping the dynamics of the cryptocurrency market. Sun’s moves have been known to influence market sentiment in the past, and this recent transfer might spark further discussions about his impact on the industry.

USDT Timing Debate: Coincidence or Calculated Transfer?

To delve deeper into the specifics of this transaction and its implications, analysts are closely monitoring the movements of USDT within the Huobi ecosystem. The sudden increase in USDT reserves could potentially signify renewed investor confidence in the exchange despite the ongoing investigations. On the other hand, skeptics argue that the timing of the transfer could also be coincidental, given the highly volatile nature of the cryptocurrency market.

As the cryptocurrency landscape continues to evolve, these kinds of significant transactions serve as a reminder of the market’s susceptibility to rapid changes and unexpected developments. Justin Sun’s alleged involvement in this substantial transfer emphasizes the interconnectedness of influential figures, exchanges, and the broader market sentiment.

In conclusion, the recent transfer of 200 million USDT from JustLend to Huobi by a wallet address purportedly associated with Justin Sun has sparked intrigue within the cryptocurrency community. The context of Huobi’s ongoing investigations and its subsequent increase in USDT reserves adds layers of complexity to the situation. This event underscores the role of influential figures in shaping market dynamics and highlights the need for vigilance and analysis in understanding the ever-changing cryptocurrency landscape.

Justin Sun-Backed Huobi’s Days Numbered? Troubling Links Unmasked

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Crypto exchange Huobi is facing insolvency rumors as a result of $64 million in outflows on Aug. 5 and 6, following news that the company’s top executives are being investigated by Chinese authorities. The trading platform’s TVL has fallen by 20% as a result, going from $3.09 billion to $2.5 billion as of this writing.

Over the past two weeks, Huobi has lost at least one C-level executive, though it is unknown if the resignation is related to the Chinese probe. Then, on August 4, allegations surfaced claiming that one of its high-level execs had been detained in China as a result of the exchange’s alleged links with gambling firms.

Huobi representatives, on the other hand, have categorically disputed the accusations, calling them fake news and asserting that the exchange is “currently doing well.” Justin Sun, the founder of the TRON blockchain and the key adviser of the Seychelles-based trading platform, also released official remarks denouncing the rumors as “FUD.”

Adam Cochran, a crypto analyst and investor at Cinneamhain Ventures, originally made the doomsday predictions, stating that Huobi is “deeply insolvent” [based on statistics on USDT volumes on the exchange’s balance]. He said that the exchange’s balance is ten times lower than its client obligations and that it is steadily declining.

In addition, Cochran charged the TRON founder with fund embezzlement for allegedly supporting his other defi apps and providing a yield to encourage users to make additional deposits.

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Justin Sun-Backed Huobi's Days Numbered? Troubling Links Unmasked 10

“Justin Sun Prop Up DeFi Apps To Attract Huobi Deposits”

Just is using the same assets in Huobi, JustLend, Poloniex, and his other apps to enrich himself, and hoping users don’t withdraw or are not informed enough to hear of the issues. So users *think* they have balances of $631M, but there is only $90M there. The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.

The analyst further argued that even Binance has resorted to selling Tether as a result of recognizing that Sun doesn’t actually have the USDT he claims to, and if users find out, they might mass dump to get off of his exchange.

“When Binance heard that Huobi/Tron employees were being investigated in relation to actions at the exchange, they started slamming the 3CRV USDT sell into DAI to mitigate their risk. Because Huobi is deeply insolvent.”

TRON Founder Justin Sun Reacts To His “Secret Deal” With TUSD

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Justin Sun, the founder of the TRON blockchain, faces an uphill task after Archblock founder filed a lawsuit alleging that the crypto entrepreneur purchased TUSD stablecoin via illegal means. According to the filing, Sun clandestinely executed the acquisition by employing a range of entities and individuals while remaining anonymous.

Below are the screenshots shared by a Twitter user showing Sun’s insistence on maintaining the secrecy of any acquisition.

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TRON Founder Justin Sun Reacts To His "Secret Deal" With TUSD 12

The crypto billionaire reacted to the news in his trademark fashion, using the number “4” that Changpeng Zhao [CZ], CEO of Binance, uses to denote FUD. Given that there have been prior allegations regarding True USD [TUSD] and its dubious connections to the TRON founder, community reactions have mostly been neutral.

Launched in 2018, the price of TUSD, which is intended to stay fixed at 1:1 to the US dollar, did not react significantly. The stablecoin first made headlines on April 30, when Binance announced TUSD staking for Sui Network [SUI] farming.

But things took an odd turn on May 1, when a True USD wallet connected to Sun moved over $56 million worth of TUSD to Binance. CZ swiftly clarified that the TRON founder had been warned not to use any of the transferred funds for the SUI airdrop in order to allay any worries.

In general, TUSD, Huobi, and other Chinese shell businesses’ secrecy caught the attention of on-chain sleuths, as they feared that there was more going on than what was visible to the general public.

TRON Founder and TUSD connection shrewd in mystery

On May 3, an investor at Cinneamhain Ventures, mostly known for his extensive and viral threads on Twitter, Adam Cochran, alleged that Sun had already purchased TUSD.

In his tweet, Cochran revealed the intricate network connecting the stablecoin to Justin Sun, prompting a strong reaction from the TUSD team, which threatened legal action against him for associating them with Sun. The investigation led to the discovery of Techteryx, a mysterious entity whose existence is only confirmed in auditing statements from TUSD.

The most recent lawsuit might be an opportunity for the TUSD team to finally come clean on the raging matter which they have so far chosen to remain silent.

Justin Sun’s TRON Blockchain Unleash Key Upgrades To Bolster Wider Adoption

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Justin Sun-led TRON blockchain has recently deployed an upgraded version of its Mainnet dubbed Great Voyage—v4.7.2 [Periander] to boost overall system functionality and promote wider adoption and engagement within the ecosystem.

Significant advancements were made in four areas with Mainnet Periander, including a sophisticated Stake 2.0 mechanism, seamless EIP-3855 compatibility, simplified calling for smart contract interfaces, and a redesigned P2P network module.

First off, TRON Stake 2.0 offers a hassle-free and more flexible staking experience by allowing withdrawals of unstaking requests while they are still in progress, giving users greater control over staked resources, tailoring the lockup period for delegated resources, and more.

Next, TRON’s new upgrade provides developers with estimated transaction fees for deploying their contracts, thereby paving the way for the creation of top-notch DApps.

The Periander upgrade aims to make the TRON and Ethereum virtual machines compatible while lowering the expenses involved in deploying and using smart contracts on the network.

Hopefully, it will draw more developers and encourage improved collaboration between the two leading ecosystems.

Not long ago, founder Justin Sun announced that the blockchain’s native token TRX is “now fully accessible within the Ethereum ecosystem,” via the BitTorrent bridge.

The P2P network module underwent a thorough transition in the latest upgrade, adding four crucial functions. First up is a brand-new node technique that improves connection efficiency by filtering out erroneous connection requests.

TRON Network Scale New Milestones

Implementing the DNS protocol will secondly enable more recent nodes to connect to the TRON network. The upgrade also included IPv6 capability to improve the network architecture of Java-Tron’s scalability.

Last but not least, the addition of message compression prior to transmission lowers Java-tron’s bandwidth requirements, resulting in cheaper operational and maintenance costs.

This comes after the mainnet celebrated its fifth anniversary on June 1st. With over 170 million users worldwide since its launch in 2018, the leading public chain has so far processed over 6 billion transactions.

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Justin Sun's TRON Blockchain Unleash Key Upgrades To Bolster Wider Adoption 14

It has also outperformed the altcoin troupe with a TVL [Total Value Locked] higher than $12.5 billion, second only to Ethereum.

Additionally, TRX continues to dominate the market, in terms of daily active addresses reaching over 2 million, according to data from the token terminal