HTX Exchange Continues to Burn Its Own Token

The exchange decided to set aside 20% of its revenue for burning HT, which shows that Huobi’s revenue for the third quarter is approximately 24.75 million dollars. Additionally the revenue generated by Huobi in the first two quarters of 2023 was 16.55 million dollars and 26.91 million dollars respectively.

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In the second quarter of 2023, the Huobi (HTX) platform burned 1,950,555 HT tokens. Thanks to this burning mechanism, the platform had burned a total of 298,940,224 HT as of July 15, 2023.

This move is part of HTX’s aim to decrease the total HT supply in circulation and increase the value of HT. The exchange has been regularly burning HT tokens since 2018, and they have burned a total of 301,002,441 HT tokens as of October 15, 2023. They recorded a deflation rate of 0.9718% in the third quarter of 2023.

Huobi’s burning mechanism involves setting aside 20% of its revenue for burning HT. This revenue includes transaction fees from spot transactions, future transactions, OTC transactions, interest from isolated margin loans, cross margin loans, OTC loans, withdrawal fees, and revenue from various services such as margin trading.

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The report indicates an increase of 117% compared to the first half of 2022 and a staggering increase of 1,800% compared to the first half of 2020. According to CoinGecko, Upbit is one of South Korea’s largest cryptocurrency exchanges with approximately $1.2 billion in 24-hour trading volume. Other major exchanges include Bithumb, Coinone, and Gopax.

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To take precautions against hacker attacks and strengthen security, Dunamu stated that it increased the ratio of funds held in Upbit’s cold wallets to 70%. Upbit also increased security measures for funds held in hot wallets.

Upbit Exchange ‘s subjected to a $50 million attack in 2019

Hackers could hack hot wallets more frequently than cold wallets. In cold wallets, users stored private keys offline on external hard drives and USBs. Upbit was subjected to a $50 million attack in 2019. However, since then Upbit has not experienced a single security breach, according to Yonhap. A Dunamu spokesperson:

“After the hacking incident in 2019, we took various measures to prevent repeated incidents like business by distributing our hot wallets and so far there has not been a single cyber breach. “

However, Upbit had to stop Aptos token services in late September because the platform did not recognize a fake token called “ClaimAPTGift.com“, and this fake token reached 400,000 Aptos. Seong-jung acknowledged that crypto hacks have generally increased, but called on the South Korean government to take more precautions:

“The Ministry of Science and Technology should conduct large-scale whitening trials and examine information security conditions in preparation for cyber attacks on virtual asset exchanges where frequent hacking.” Also, Seong-Jung added:

“The role of the Ministry of Science and Technology in administration and supervision is unclear. “

Cointelegraph reached out to Upbit for a comment but didn’t immediately receive a response. On the other hand, hackers attacked crypto exchanges with a series of attacks in September. The Hong Kong-based exchange CoinEx was attacked with $70 million in September following the compromise of a private key. The company stated that it would compensate for the lost funds. In a separate attack, Huobi Global’s HTX exchange lost $7.9 million in an attack on September 24.

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