The HECO Network, a Layer 1 blockchain created by Huobi (now HTX), will officially cease operations on January 15, 2025. This decision comes after a significant hack in 2023 that resulted in the theft of $87 million in assets from the HECO bridge.
Users holding HRC20 assets, including HRC20ETH, HRC20TUSD, and HRC20LINK, are urged to take action before the shutdown to secure their holdings.
Launched by the Huobi exchange, HECO was designed to provide high-performance blockchain solutions, focusing on decentralized finance (DeFi) and dApps. It became popular due to its low transaction fees and fast processing speeds, attracting both developers and investors.
Important Dates for HRC20 Token Holders
Those with HRC20 assets must deposit them into designated addresses on the official HecoDAO website by January 10, 2025. To ensure proper distribution, users must also provide their TRON network addresses. Once the assets are deposited, they will be converted into points, with each 1 USDT equivalent translating to 1 point.
These points can then be redeemed for HTX tokens, the native cryptocurrency of the Huobi ecosystem. The conversion rate is limited to 200,000 HTX per point, and the tokens will be distributed over 12 months, starting on January 15, 2025.
Security Issues and Hack Fallout
In 2023, HECO’s bridge was compromised in a hack, with $87 million in assets stolen, including ETH, USDT, and HBTC. The breach, likely caused by a compromised private key, affected HTX’s hot wallets. Despite the incident, Justin Sun, the leader behind Huobi and HECO, assured that users would be fully compensated for the stolen funds.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
