The HECO Network, Huobi's Layer 1 blockchain, will officially retire on January 15, 2025. Users need to take steps to secure their assets before closure.
Key Deadlines for HRC20 Token Holders
Users holding HRC20 assets must act before the shutdown. By January 10, 2025, they should deposit assets to designated addresses on the official HecoDAO website. To ensure redemption, users must provide TRON network addresses. Assets will convert into points based on their market value on November 10, 2024, enabling users to redeem points for HTX. Distribution starts on January 15, 2025, over 12 monthly payments.
Security Concerns and Past Incidents
In 2023, the HECO chain bridge was hacked, losing over $87 million in assets, including ETH, Tether (USDT), and HBTC. Analysis indicated a compromised private key as the cause, affecting HTX hot wallets.
Compensation for Stolen Funds
Justin Sun, the controlling figure of Huobi and the HECO ecosystem, confirmed HTX would fully compensate users for the lost funds.
The retirement of the HECO blockchain requires users to adhere to the timelines and processes to ensure their asset security. Despite past incidents, Huobi is committed to a smooth transition and safeguarding user interests.
