Justin Sun launches ‘SAFU’ fund after HTX $8m hack
Justin Sun, HTX (former Huobi) advisory board member, introduced the SAFU fund after the platform had suffered a $8 million security breach. According to his tweet, the platform team introduced the SAFU fund in order to always be prepared for losses that may arise due to problems with the security of the platform. HTX has also implemented real-time monitoring mechanisms to prevent such losses. While Sun denies having a large stake in HTX, he has promised to host several livestreams – in English and Chinese – to discuss the exchange’s security. We have established the SAFU fund to be prepared at all times for losses resulting from platform security issues. Additionally, we have implemented real-time monitoring mechanisms to prevent such losses. — H.E. Justin Sun 孙宇晨 (@justinsuntron) September 26, 2023 HTX hack Web3 security firm Cyvers said the breach took place on Sept. 24, when a hacker withdrew 5,000 ETH from the platform. Sun confirmed the attac...