Huobi Global’s cryptocurrency exchange has successfully reclaimed $8 million in stolen Ether (ETH) after negotiating with the hacker. The hacker returned the funds and received a white hat bonus, demonstrating the importance of user asset security.
In a notable turn of events, Huobi Global’s cryptocurrency exchange has managed to recover $8 million worth of stolen Ether (ETH) that was taken by a hacker in September. The recovery followed negotiations between the exchange and the hacker, who eventually agreed to return the funds.
Justin Sun, an investor in Huobi Global and an HTX adviser, announced the successful recovery on Twitter, emphasizing that the hacker made the right choice in accepting HTX’s offer. In addition to the fund’s return, the hacker was rewarded with a white hat bonus of 250 ETH.
Huobi Global had initially disclosed the hack on September 25 when one of its hot wallets was compromised, resulting in the theft of 5,000 ETH. At the time, Sun assured users that this amount was relatively small compared to HTX’s substantial $3 billion in assets.
This incident highlights the trend in the cryptocurrency industry where negotiations with hackers for the return of stolen funds are sometimes preferred over involving law enforcement agencies. Such negotiations often lead to successful recoveries and the payment of bounties to hackers as an incentive to cooperate.
