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Justin Sun’s HTX crypto exchange sees $258M outflow post-hack

HTX experiences outflow post-hack. The outflow occurred between November 25 and December 10. HTX clients are disquieted after the November security incident. The HTX exchange, formerly known as Huobi and affiliated with Chinese crypto mogul Justin Sun, has seen a massive $258 million net outflow since resuming operations after falling victim to a significant hack…

HTX experiences outflow post-hack.
The outflow occurred between November 25 and December 10.
HTX clients are disquieted after the November security incident.

The HTX exchange, formerly known as Huobi and affiliated with Chinese crypto mogul Justin Sun, has seen a massive $258 million net outflow since resuming operations after falling victim to a significant hack in November.

Data from DefiLlama reveals that this outflow occurred between November 25 and December 10, indicating that the security incident unsettled some clients.

HTX lost $30 million worth of crypto tokens during the breach and temporarily suspended withdrawals and deposits. Despite assurances of investigations and full compensation for hot wallet losses, concerns linger as the community closely monitors the aftermath of the hack.

Justin Sun’s association and hacks raise alarms

Justin Sun, linked to HTX, also has ties to Poloniex and Heco Bridge, both of which suffered hacks in November, resulting in approximately $200 million in crypto theft with $86 million being drained from the Heco Bridge alone. This series of security breaches intensifies suspicions within the cryptocurrency community regarding an exit scam.

The TRX token, a significant asset at HTX launched by Sun, is under scrutiny due to fraud allegations. The Securities and Exchange Commission (SEC) accused Sun and his firms of market manipulation earlier this year, adding another layer of complexity to the situation.

Digital asset investors are on high alert as HTX, with an average daily trading volume of $1.6 billion, navigates the aftermath of the hacks. The composition of HTX’s reserves, dominated by Bitcoin and TRX, raises questions about the security and integrity of these platforms.

Security firm BlockSec reports that while HTX recovered $8 million stolen in September, the hackers still control the $30 million taken in the recent breach despite a 5% bounty offered by the exchange. The cryptocurrency community remains vigilant as developments unfold, emphasizing the need for robust security measures and transparency in the ever-evolving landscape of digital assets.

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USAID will change its name to the US Agency for International Humanitarian Assistance (IHA) By using blockchain technology, it will “radically increase security, transparency, and traceability” The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February The Trump administration reportedly wants its…

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USAID will change its name to the US Agency for International Humanitarian Assistance (IHA)
By using blockchain technology, it will “radically increase security, transparency, and traceability”
The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February

The Trump administration reportedly wants its United States Agency for International Development (USAID) to “leverage blockchain technology” as it works on renaming the organization.

According to a report from WIRED, a government memo has been circulating among State Department officials detailing plans for USAID. In the 13-page document – first reported on by Politico – it states that as part of the revamp, USAID will change its name to US Agency for International Humanitarian Assistance (IHA).

The memo also suggests “leveraging blockchain technology” which will “radically increase security, transparency, and traceability.”

It adds: “This approach would encourage innovation and efficiency among implementing partners and allow for more flexible and responsive programming focused on tangible impact rather than simply completing activities and inputs.”

USAID staffers on leave

Since US President Donald Trump re-entered the White House, significant changes have been made to organizations in the US. One of which is USAID.

In early February, USAID staff were put on administrative leave “with the exception of designated personnel responsible for mission-critical functions,” according to a government notice.

Following the implementation of Elon Musk’s Department of Government Efficiency (DOGE), staff numbers at USAID have been cut from 10,000 to just under 300.

In a post on X in February, Musk wrote: “USAID is a criminal organization. Time for it to die.”

USAID is a criminal organization.

Time for it to die. https://t.co/sWYy6fyt1k

— Elon Musk (@elonmusk) February 2, 2025

Blockchain in humanitarian efforts

The use of blockchain in humanitarian efforts has been used before with many seeing the potential is can bring. In 2020, UNICEF invested around 135 Ethereum – about $30,000 at the time – into eight companies from seven developing countries to assist in developing prototypes and to scale their projects.

Financial services company AID:Tech turned to the payment rails of stablecoin issuer Circle to provide fraud-resistant disaster relief delivery in USDC in 2021. By doing so, they wanted to reduce inequality and increase opportunities by bringing accountability and transparency to the distribution of federal relief.

Realizing the benefits of blockchain technology, AID:Tech was the first company to use the technology to deliver international aid in 2015.