Heco Bridge Hack: Justin Scam and Cryptocurrency Security

The recent incident of a hack of Heco Bridge, which allows Ethereum to be linked to the Heco blockchain, resulted in an $86 million drain of funds. According to reports from blockchain companies Cyvers and Peckshield, which were affected by the breach, the compromised operator began unauthorised fund outflows from its October 2022 launch.

Justin Scam-San has merged the Heco HTX blockchain with Tron and Bittorrent in a 2022 strategic initiative, but recent cyberattacks on projects such as the hacking of HTX (formerly Huobi), Poloniex and Heco Bridge have raised concerns. Funds stolen from Heco Bridge transferred to decentralised exchanges were at risk.

According to the latest data, the hacker is left with 30,949 ether worth $62.83 million. Justin Sun has assured the community that HTX is compensating the lost funds and is actively working to investigate the incident by temporarily suspending deposits and withdrawals.

However, such a series of hacks could have a significant impact on the security of the systemically important USDT stablecoin, which is actively circulating on various blockchains. This poses a potential threat to the entire crypto industry given USDT's dominance in this ecosystem space.

Importantly, the delay between the discovery of the incident and Justin Sahn's official confirmation indicates a possible attempt by the hacker to whitewash the stolen funds through decentralised exchanges.

In light of these developments, the question arises: why do such incidents regularly occur in Justin Scam projects without interest from regulators? Many are beginning to ask questions about the security of digital assets in the crypto world and the role of the USDT main stablecoin in this ecosystem.