Minutes after the unprecedented hack on Huobi’s HTX exchange division resulting in the drainage of 5,000 ETH worth roughly $8 million, the crypto exchange saw a solution in the form of what sounded like a farfetched strategy — they negotiated with the culprit. Huobi’s Justin Sun spilled the beans on October 7 declaring their success in tracking down the hacker and providing them with a reaching compromise — return 95% of the stolen funds by October 2, and no legal action (plus a 5% bounty of $400,000) or all of it could be kept, with presumably more serious consequences. The hacker wisely chose the former, and Huobi officially declared on October 7, that indeed a 250 ETH payout had been made.
The agency leader Justin Sun acknowledged & proposed his utmost gratitude to all members of the crypto community who came to lend a helping hand in this difficult time. Furthermore, many NGOs show increased caution against individuals or organisations involved in hacking of any sort of user assets, enforcing the message of preserving and enhancing the protocol for any further economic transactions.
Flowing with needed action and stipulations, the crypto exchange packed retribution in the form of a doffer delivered personage; reaching a greater consensus to recover anything that could be seen reasonable without the need of a covered war between entities, keeping leverage and customer funds under relative safety alertness.
Huobi proved with apt proof of action, obtainable through the negotiating paradigm, that crypto exchanges not only have ameliorative to tactics to deter from or in this industry but also valuable facilitating choices, to address future probes for amount recovery and created utmost efficiency.
