The Huobi Global (HTX) hack shakes up the crypto community. But after the surprise, it’s time to take matters into our own hands. The exchange announces a deeper commitment and a solution that should guarantee flawless security for investors.
HTX launches the SAFU fund, an initiative that highlights users
The market was recently shaken by the nearly $8 million HTX hack. As we know, a sector as volatile as the crypto ecosystem operates with ups and downs. But in dark times like these, it is necessary to take action instead of feeling sorry for yourself and that is what Justin Sun’s trading platform does.
In fact, the investor has announcement earlier this morning the creation of the SAFU fund. The latter has an essential goal: to protect investors’ assets. According to the businessman’s statements, this measure aims to increase security on the crypto exchange and to avoid losses thanks to real-time monitoring.
With the multi-backup and multi-signature cold wallet system, Huobi will be able to guarantee 100% security. Thus, it seems that the scam did not leave Sun unscathed, although he displayed a certain detachment.
A not very attractive offer for the crypto hacker?
Hacks are no surprise in the crypto sector. A little earlier this week, the Mixin network was the victim of a $200 million hack and Lazarus, the North Korean hacker network, continues its work while the ecosystem is far from its promising period.
However, the HTX case seemed less serious, since the identity of the perpetrator was known. But the hacker has given no sign of life since the cryptocurrency exchange made its proposal. Everything suggests that a reward of 5% on 8 million does not interest him.
Fortunately, Huobi has the support of the great Binance and has put in place a mechanism to avoid this type of incident in the future. The SAFU fund should secure users’ assets and protect them from the dangers posed by hackers. However, despite these measures, investors remain skeptical.
To better explain what the SAFU fund is, Justin Sun announces that he will do a live broadcast on September 26 at 8 p.m. on his Twitter space. The latter will focus on the security of crypto exchanges. Will this initiative calm the uncertainty currently reigning among investors? Nobody knows. Only the CEO’s explanations will determine the direction HTX Global (Huobi) will take.
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