- Whale Alert revealed that more than 60 million HT tokens were sent to HTX over the past few hours.
- The large transfer follows the $97 million hack of HTX and the Heco Chain protocol that took place yesterday.
- HT was down 1.57% and was changing hands at $2.96 at press time.
The whale tracking platform Whale Alert shared on X today that a substantial amount of Huobi Token (HT) was sent to the HTX exchange, formerly known as Huobi. According to the post, 60,005,287 HT, worth $177,900,201, was transferred from the Heco Chain.
Meanwhile, over the past 24 hours, HT’s price has dropped 1.57%. According to data from CoinMarketCap, the altcoin was changing hands at $2.96 at press time. This negative daily performance pushed HT’s performance over the past 7 days deeper into the red zone as well. Consequently, the altcoin’s price was down 3.68% in the weekly time frame.
The transfer took place just 24 hours after the cryptocurrency exchange HTX and the blockchain protocol Heco Chain were hacked for a cumulative $97 million in various tokens yesterday. Justin Sun, who is one of the investors in the exchange, confirmed the hack in a post.
Sun stated that HTX will fully compensate HTX users for any losses. The exchange has also halted deposits and withdrawals. Meanwhile, the blockchain security firm Cyver flagged suspicious transfers collectively valued at around $85 million yesterday. According to the firm, the hack may have been due to a suspected private key leak.
Despite the recent transfer, HT continued to trade within a positive price channel that had formed over the past 2 weeks. This was after the cryptocurrency’s price recorded multiple higher highs and higher lows during this period.
The altcoin could be at risk of retesting the key support level at $2.6260 within the following few days if HT breaks below this ascending channel. On the other hand, if HT remains within this channel for the next 48 hours, then it may continue its positive trend and make a move towards the $3.42 barrier.
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