Hacked HTX and Poloniex assets are “100% safe”: Justin Sun | CoinDesk JAPAN

Cryptocurrency industry mogul Justin Sun lost more than $200 million (approximately 29 billion yen, equivalent to 145 yen to the dollar) from two cryptocurrency exchanges last month due to hacking. Despite this, he said assets held in HTX and Poloniex are “100% safe.”

Both exchanges have started withdrawing some assets, although some altcoins remain locked. Bitcoin (BTC) and Tron (TRX) are two crypto assets that can be withdrawn. As a result, both tokens have been trading at a premium on Poloniex over the past few weeks, with users having to accept up to a 10% decrease in value in order to convert an asset into a withdrawn asset.

The withdrawal freeze comes after hackers stole $114 million from Poloniex’s hot wallet on November 10, followed by HTX and blockchain protocol HECO Chain. ) $97 million (approximately 14 billion yen) was stolen from

“Poloniex and HTX are currently recovering from the hack and are resuming token (withdrawals) one by one,” Justin Sun, a Poloniex investor and HTX advisor, told CoinDesk. “For HTX, I think 95% of assets have already resumed in USD terms. For Poloniex, about 85% have also resumed.”

“Also, please note that on HTX and Poloniex, we have already covered all losses of the tokens within the platform, so all assets are 100% safe,” he said. “The exchange itself will have to recover its losses in the future. However, customers’ assets are 100% safe.”

A spokesperson for HTX told CoinDesk: “The recent outflows represent a small portion of our total reserves and HTX continues to operate in a stable and healthy manner.”

To alleviate the concerns of users who hold assets on both exchanges, HTX and Poloniex announced that they will airdrop Tether (USDT). With Snapshot, users will receive one airdropped token for every USD 1 worth of tokens they hold on the exchange.

HTX had a trading volume of $1.6 billion (approximately 232 billion yen) in the past 24 hours. Meanwhile, Poloniex has amassed $843 million (approximately 122 billion yen), according to CoinMarketCap.

Justin Sun founded Tron Blockchain, which raised $70 million in a 2017 ICO and became a significant player in the crypto industry. TRX is currently the 11th largest crypto asset with a market capitalization of $9.1 billion (approx. 1.3 trillion yen), the second largest blockchain in terms of transaction volume, and assets under custody (TVL) of $7.9 billion (approx. 1.14 trillion yen).

The Securities and Exchange Commission (SEC) sued Sun earlier this year, claiming that TRX was a security. Sun’s lawyers were granted an extension of time to respond to the lawsuit earlier this week, according to court documents obtained by CoinDesk.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Justin Sun (CoinDesk)
｜Original text: HTX, Poloniex Assets are ‘100% Safe’ Says Justin Sun After $200M Hack