The HECO Network, Huobi's Layer 1 blockchain, will officially retire on January 15, 2025. Users must take steps to secure their assets before this date.
Planned Closure of HECO Network
HECO, or Huobi Eco Chain, launched by the cryptocurrency exchange Huobi, offers high-performance blockchain solutions with a focus on DeFi and decentralized applications (dApps). It gained popularity for its lower transaction costs and fast processing.
Key Deadlines for HRC20 Token Holders
Users holding HRC20 assets must act before the retirement date. By January 10, 2025, they must deposit these assets into designated addresses on the HecoDAO website. To ensure smooth redemption, users must provide their TRON network addresses. The assets will be converted into points based on their market value on November 10, 2024, with each 1 USDT equivalent translating into 1 point. After depositing and converting, users can redeem points for HTX, with the conversion rate capped at 200,000 HTX per point. Distribution begins on January 15, 2025.
Security Concerns and Past Incidents
In 2023, the HECO chain bridge was hacked, resulting in the theft of over $87 million, including significant amounts of ETH, Tether (USDT), and HBTC. Evidence suggested the incident was due to a compromised private key. Following the hack, it was announced that HTX would compensate users for the stolen funds.
The decision to shut down HECO Network is influenced by its security history and Huobi's transition plans. Users must be aware of the necessary actions to secure their assets.
