Crypto billionaire and Tron founder Justin Sun is once again garnering community attention due to suspicious transactions linked to his businesses. The HTX exchange and HECO chain bridge have reportedly transferred a significant amount of cryptocurrency to suspicious wallet addresses.
Suspicious transactions in Justin Sun’s ventures
According to a recent post by Cyvers Alerts, a web3 blockchain security firm, a suspicious address has received an astounding $12.4 million from the HTX exchange and an astonishing $86.6 million from the HECO Chain bridge. Both HTX and HECO are affiliated with Justin Sun, a prominent figure in the cryptocurrency industry.
These questionable transactions mark the fourth theft involving Justin Sun’s projects, including the HTX exchange, HECO Chain bridge, HuobiWallet, and Poloniex.
Justin Sun acknowledges hacker attack
After these suspicious transactions linked to his business, Sun made a post on X where he confirmed this transaction as a Hacker Attack and stated,
“HTX and Heco Cross-Chain Bridge Undergo Hacker Attack. HTX Will Fully Compensate for HTX’s hot wallet Losses. Deposits and Withdrawals Temporarily Suspended. All Funds in HTX Are Secure, and the Community Can Rest Assured. We are investigating the specific reasons for the hacker attack. Once we complete the investigation and identify the cause, we will resume services.”
In these dubious transactions, the HECO Chain Bridge transferred a substantial amount of tokens to the newly created address (0xFc146D1CaF6Ba1d1cE6dcB5b35dcBF895f50B0C4), which was found to be empty. This transfer included a staggering 42.11 million USDT, 10,000 ETH, 489 BTC, and other assets exceeding US$84 million.
What adds to the complexity of the situation is that the subsequent tokens were moved through decentralized exchanges (DEX) like Uniswap and 1inch for conversion. USDT and BTC were converted to ETH before being sent to a new address, making it challenging to trace the funds.
These suspicious transactions have raised serious concerns about the security of Justin Sun’s ventures, especially in the aftermath of a major breach at his Poloniex exchange, resulting in losses surpassing $100 million.
Additionally, Blockchain security firm Peck-shield has also weighed in, sharing their analysis. They stated, “Our initial analysis indicates that the suspicious $86.6 million outflow from the HECO Chain bridge was from a compromised operator, which has been operational since 2022-10-08.”
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