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HTX hacked again for $13.6M, 100K Koreans test CBDC, Binance 2.0: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

In the fourth hack affecting the HTX (formerly Huobi Global) ecosystem in just two months, the exchange lost $13.6 million via a hot wallet hack that occurred on Nov. 22.

In its Nov. 23 announcement, the exchangepromisedto “fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds,” as well as restore services within 24 hours of the attack. The day prior, the HTX Eco Chain (HECO) bridge was exploited for $86.6 million. An investigation is ongoing.

In September, the HTX exchange was hacked for $7.9 million; this was followed by a $100 million hack against the Poloniex exchange, a related entity, in November. Justin Sun, the Chinese blockchain personality and de-facto owner of HTX (not to mention the owner of Poloniex, founder of Tron and CEO of BitTorrent etc),stated after the attack that “HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure.” Sun previously also madeassurancesthat “all user assets are #SAFU” in the aftermath of the September hack against HTX.

Huobirebranded to HTXduring this year’s Singapore2049 event in September. Although its executives have repeatedly reassured that the exchange is doing well, the exchange ran into a number ofserious incidentsthis year, including analleged employee revolt.

Justin Sun during Web3 Hong Kong. (Twitter)
Altcoins

HTX hacked again for $13.6M, 100K Koreans test CBDC, Binance 2.0: Asia Express

HTX hacked for $13.6M — the ecosystem’s fourth hack in recent months — 100K Koreans test out CBDC, and Binance is dead, long live Binance!

Bitcoin

HTX hacked again for $13.6M, 100K Koreans test CBDC, Binance 2.0: Asia Express

HTX hacked for $13.6M — the ecosystem’s fourth hack in recent months — 100K Koreans test out CBDC, and Binance is dead, long live Binance!

Blockchain

HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0: Asia Express

HTX hacked for $30M — the ecosystem’s fourth hack in recent months — 100K Koreans test out CBDC, and Binance is dead, long live Binance!

Regulations

HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

In the fourth hack affecting the HTX (formerly Huobi Global) ecosystem in just two months, the exchange lost $30 million via a hot wallet hack that occurred on Nov. 22. The amount was updated from original reports of $13.6M. 

In its Nov. 23 announcement, the exchange promised to “fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds,” as well as restore services within 24 hours of the attack. The day prior, the HTX Eco Chain (HECO) bridge was exploited for $86.6 million. An investigation is ongoing. 

In September, the HTX exchange was hacked for $7.9 million; this was followed by a $100 million hack against the Poloniex exchange, a related entity, in November. Justin Sun, the Chinese blockchain personality and de-facto owner of HTX (not to mention an “adviser” to, but possibly owner of, Poloniex, founder of Tron and CEO of BitTorrent etc),stated after the attack that “HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure.” Sun previously also madeassurancesthat “all user assets are #SAFU” in the aftermath of the September hack against HTX.

Huobirebranded to HTXduring this year’s Singapore2049 event in September. Although its executives have repeatedly reassured that the exchange is doing well, the exchange ran into a number ofserious incidentsthis year, including analleged employee revolt.

Justin Sun during Web3 Hong Kong. (Twitter)
Weekly Overview

Ethereum (ETH) price reclaims $2K as data shows a surge in network activity

Despite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approval fueled a price move above $2,000.

Ethereum

Ethereum (ETH) price reclaims $2K as data shows a surge in network activity

Ether (ETH) price is trading slightly higher on Nov. 23, maintaining support above the $2,000 level after briefly retesting $1,930 on Nov. 21. Over the past week, Ether's price has increased by 2.5%, while the total market capitalization has grown by 0.5%. This uptrend can be attributed to improved decentralized applications (DApps) metrics, increased protocol fees, and Ethereum's dominance in the non-fungible token (NFT) market.

To assess whether Ether can sustain its $2,000 price point, one must consider the repercussions of Binance's recent regulatory challenges following its plea deal with the U.S. Department of Justice (DoJ).

Investor fear drops as Ethereum network conditions improve

Binance leads in Ether spot trading volume, accounting for 30% of ETH futures contracts' open interest. The closure of Binance's $2.35 billion worth of ETH derivatives contracts within a short period could have significant consequences. Despite initial analyses showing minimal changes in spreads and liquidity, Binance witnessed net outflows of $1.53 billion between Nov. 21 and Nov. 23, as reported by DefiLlama.

The regulatory landscape presents risks and opportunities. Some view Binance's actions as evidence of sufficient reserves, while others are concerned about the $4.3 billion fine facing Binance and its former CEO, Changpeng "CZ" Zhao. Notably, Bitcoin advocate Luke Broyles advised followers to withdraw their coins from exchanges.

Even if Binance continues operations and safeguards all client assets, the long-term effects of full compliance and increased scrutiny remain uncertain. Additionally, the relationship between Binance and stablecoin issuers like Tether (USDT), TrueUSD (TUSD) and Binance USD (BUSD) raises further questions.

Altcoins

XRP price faces Q4 rout and 20% drop

XRP (XRP) price has dropped 18.5% from its local high of $0.67 on Nov. 23. And, it appears the cryptocurrency will suffer more selloffs in the coming weeks.

XRP technicals hint at extended correction

XRP has failed to break above a descending trendline resistance since January 2018. And, it fell short of logging a breakout above in November 2023, as well, illustrating a psychological selling pressure around the line.

XRP/USD weekly price chart. Source: TradingView

Each bearish rejection after testing the descending trendline resistance has historically resulted in a decline toward the ascending support trendline. 

The downside target appears around $0.50, interestingly closer to XRP's 50-week (the red wave) and 200-week (the blue wave) exponential moving averages (EMA). Thus, XRP's price risks declining by 20% before 2024, if this fractal plays out.

Potential XRP transfers to exchanges

XRP's bearish outlook picks more cues from the supply distribution data tracked its richest cohorts.

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Altcoins

Stablecoin bill is a ‘no-brainer’ — Consensys director on US legislation

Consensys senior counsel and director of global regulatory matters Bill Hughes spoke at the North American Blockchain Summit on crypto bills and their role in politics.

Regulations

Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly

Bitcoin ETF excitement is everywhere, but short-timeframe BTC price morale is wearing thin.

Bitcoin

HTX to restore services 'within 24 hours' after $13.6M hack

"Huobi HTX has now properly handled this attack," the crypto exchange stated.

Blockchain

Solana’s genesis story — Anatoly Yakovenko's vision for a high-performance blockchain

Solana co-founder Anatoly Yakovenko recounts the “eureka moment” that birthed the blueprint for the layer one smart contract protocol aimed to be “hyper-optimized” and “fast as possible”.

Blockchain

Bitcoin supercycle 2024: Is this the cycle to end them all?

Dan Held’s Bitcoin supercycle hasn’t happened yet, but the factors might be right to see it play out sooner than most think.

Bitcoin

Bitcoin user pays $3.1M in transition fee for one 139 BTC transfer

A Mempool developer suggested that the user behind the transfer might not be aware of the non-cancellation of replacement fees policy, resulting in an accidental $3.1 million transaction fee.

Bitcoin

Bitcoin user pays $3.1M in transition fee for one 139 BTC transfer

A Mempool developer suggested that the user behind the transfer might not be aware of the non-cancellation of replacement fees policy, resulting in an accidental $3.1 million transaction fee.

Blockchain

Milei presidential victory fuels optimism in Argentina’s Bitcoin community

The election of new Argentine President Javier Milei has given many in the local Bitcoin community cause for hope.

Bitcoin

Alchemy bags money services license in Iowa, expands US services

The crypto-fiat payment services provider Alchemy Pay is expanding its presence in the U.S. as it acquired its money services license in the state of Iowa.

Regulations

CoinFLEX creditors dissatisfied with restructuring to OPNX: Report

CoinFLEX creditors claim former CEO Mark Lamb and the OPNX exchange “misappropriated” their assets in a court filing.

Blockchain

FTX’s FTT token rallies 30% — Binance effect or FTX 2.0 reopening?

This surge suggests significant institutional attention despite the token’s historical association with FTX’s financial challenges.

Blockchain

Justin Sun-related crypto platforms hacked 4 times in 2 months

Justin Sun’s cryptocurrency exchange HTX has been hacked twice since rebranding from Huobi in September 2023, raising questions from the crypto community.

Bitcoin

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