HECO Network, associated with Huobi (now HTX), will retire on January 15, 2025. Users need to undertake specific actions to secure their assets.
Closure Reasons and Timeline
HECO, also known as Huobi Eco Chain, offered blockchain solutions focusing on DeFi and dApps. However, a recent announcement stated that the network will cease its operations on January 15, 2025.
Steps for HRC20 Token Holders
Users holding HRC20 assets must take action by January 10, 2025. They need to deposit their assets into designated addresses via the official HecoDAO website. Furthermore, they must provide their TRON network addresses to ensure correct token redemption.
Security Concerns and Past Incidents
In 2023, the HECO chain bridge was attacked, resulting in over $87 million in assets being stolen. Blockchain security companies like CertiK, PeckShield, and Cyvers analyzed the incident, identifying a compromised private key as the cause. Justin Sun confirmed that HTX would fully compensate users for the lost funds.
HECO users should carefully adhere to the network's closure process and promptly undertake all necessary actions to secure their assets.
