Huobi’s hot wallet reportedly drained of $7.9 million on July 15th, 2018. The reports indicated that a hacker managed to exploit a vulnerability in Huobi’s system to bypass its security measures. As a result, the hacker was able to take control of the hot wallet and drain all of its funds without being detected.
Huobi has since clarified that all the stolen funds have been recovered (from an unknown third party) and it is currently working on getting their customers’ funds back as well. It is also currently investigating the incident to identify the vulnerability and make changes to their system to prevent similar incidents from occurring in the future.
At this time, it is unclear what exactly happened or who was responsible for the theft. Huobi is likely to release further details about the incident once their investigation is complete.