The HECO Network will cease operations on January 15, 2025. Users must take specific actions to secure their assets before the closure.
HECO Network Shutdown
HECO, or Huobi Eco Chain, launched by the cryptocurrency exchange Huobi, is designed to offer high-performance blockchain solutions focusing on DeFi and decentralized applications (dApps). The blockchain has gained attention due to its lower transaction costs and fast processing times, making it a popular choice for developers and investors. The official shutdown is scheduled for January 15, 2025.
Key Deadlines for HRC20 Token Holders
Users holding HRC20 assets must take action before the retirement date. By January 10, 2025, these users must deposit their assets into designated addresses on the official HecoDAO website. To ensure smooth redemption, users must provide their TRON network addresses when depositing their HRC20 assets. 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. Once the assets are deposited and converted into points, users will be able to redeem these points for HTX, the native cryptocurrency of the Huobi ecosystem. The conversion rate is capped at 200,000 HTX for each point, and the distribution of these tokens will begin on January 15, 2025. The distribution process will occur over 12 monthly payments.
Security Concerns and Past Incidents
In 2023, the HECO chain bridge was targeted in a hack that drained over $87 million in assets, including large amounts of ETH, Tether (USDT), and HBTC. These assets were sent to an Ethereum wallet and further distributed to multiple other wallets. Blockchain security firms, including CertiK, PeckShield, and Cyvers, analyzed the attack and found that the breach likely occurred due to a compromised private key. The attack affected HTX’s hot wallets, leading to the loss of funds. In response, Justin Sun, the controlling figure behind Huobi and the HECO ecosystem, confirmed that HTX would fully compensate users for the stolen funds.
HECO users must be diligent in performing all necessary actions before the network's official shutdown. It is important to follow procedures correctly to protect their assets.
