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Huobi Wallet Hacked, Chinese Crypto Investor Lost 5.4 BTC

Jake Hill
Jake Hill

A Chinese Crypto Investor has recently lost 5.4 BTC as his Huobi Wallet was hacked and Bitcoins were stolen.

According to the thread on 8btc forum, the investor named Ding claimed to have lost 5.4 BTC worth $ 20,000 USD(140,000 Yuan) from his Huobi account on Jan 13th. This is reported on a thread of 8btc forum asking support from users to understand his loss.

Ding first received a message from exchange stating someone is setting 2-factor authentication using his account. He as an amateur trader didn’t add any 2-factor authentication with his account. After receiving the message he tried to log in his Huobi account but it failed.

The worried investor then contacted Huobi support where he explained them the issue. The customer representative said that someone logged in his account from a different IP address and had transferred 5.4 BTC to another wallet address.

How did this hack take place?

The investor said that Huobi must take responsibility for his stolen bitcoins. Because he claims to have not lost his phone or clicked on any unknown links through phishing sites.

But Huobi responded stating that their systems were not compromised and they exchange is secured well and they refuse to pay for the losses. The exchange also said this might have happened as ding might have visited the phishing websites and thus become a victim.

The investor has got in touch with the police and the investigation is taking place. because the investor had also mentioned in the thread,

This is the wallet that the hacker received my address. I haven’t done any operations yet. Please help me monitor this address thanks!

https://btc.com/1H2HJsPRFMnrUYZJjtnuiL6wmmz3f2NGkv Also ask the hacker if you are watching, I have already called the police! [translated]

The hack was analyzed by a cybersecurity firm and they said it might be due to victim’s text messages were hijacked. Hackers had intercepted his text messages and had access to the two-factor authentication codes. This might be the reason for the cause of the hack.

It’s always good to learn the best ways to keep your cryptocurrency secure. because if you are a cryptocurrency investor then keeping your crypto secure matters a lot.

Let us know what you think regarding this incident? Comment below with some tips you use to keep your crypto secure.

Bitcoincryptocybersecurity

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com