Justin Sun-Backed Crypto Exchange HTX Saw $258M Net Outflow After Hack
Portfolio Pulse from Mehab Qureshi
HTX exchange experienced a $258 million net outflow after resuming operations post a significant hack. The exchange, linked to Justin Sun, had a $30 million loss in crypto tokens due to the security breach. Sun has promised full reimbursement to affected users and an ongoing investigation. Despite the outflow, HTX remains the 16th largest crypto exchange by daily trade volume. Bitcoin's price has fallen 3.71% in the last 24 hours.
December 11, 2023 | 7:43 am
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NEGATIVE IMPACT
Bitcoin (BTC) saw a 3.71% decrease in the last 24 hours, potentially influenced by the security concerns and net outflows from HTX exchange.
The outflow from HTX exchange after the hack may contribute to a bearish sentiment in the crypto market, affecting Bitcoin's price negatively in the short term. However, the direct impact on Bitcoin is moderate as it is a broader market indicator and not solely dependent on HTX's activities.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50