CZ Appoints Binance Security Team to Track Stolen Funds from Huobi HTX

Hours after the cryptocurrency exchange HTX (previously known as Huobi) announced a security breach that led to the theft of $8 million, Binance CEO Changpeng “CZ” Zhao extended an offer of assistance from his exchange’s security team to investigate the incident.

Quick intervention is crucial for tracking and recovering stolen cryptocurrencies, as hackers often employ methods such as mixers or convert their stolen assets into privacy tokens to obscure their activities. On September 24, the blockchain analytics firm Cyvers revealed that the hack involved the theft of 5,000 Ether (ETH) from one of HTX’s hot wallets.

HTX has also proposed immunity to the hacker if they agree to return 95% of the stolen funds.