HECO Chain Bridge Loses Over $86.6M Due to Suspected Hack

PeckShield, a blockchain security platform, has disclosed that digital assets worth over $86.6 million were transmitted from the HECO Chain bridge to addresses that appear to be suspicious. The security firm hypothesizes that an ongoing exploit has compromised the bridge.

Tron founder Justin Sun issued the following statement in response to the incident: HTX will fully compensate users for any losses sustained due to the breach.

During their investigation into the incident, the organization temporarily suspended deposits and withdrawals. Following the conclusion of the investigation, services will recommence, according to the executive.

At the outset, PeckShield issued a warning regarding a transaction involving the transfer of 10,145 Ether from the bridge, estimated to be worth approximately $19 million. Several additional trades ensued, involving the transmission of digital assets to different addresses, including USD Coin, Chainlink, Shiba INU, and others.

Officially introduced on December 21, 2020, HTX Eco Chain (HECO) offers a cross-chain experience at reduced petroleum costs. The endeavor involved the consolidation of Tron and the bridge ecosystem of BitTorrent; in 2022, Sun merged the two ecosystems to form HECO.

Recent HECO Chain compromises represent the second exploit of a Sun-related project in recent memory. Poloniex, an exchange that Sun acquired in 2018, was the target of a $100 million breach on November 10. Security analysts believe that compromised private keys could have contributed to the incident.