Bitrue, the Singapore-based cryptocurrency exchange, lost millions of US dollars worth of ether and other coins in a hack. The trading platform suspended withdrawals until early next week for additional security checks and promised to compensate affected users.
Bitrue Exchange Loses Crypto Assets Due to Hot Wallet Exploitation
Cryptocurrency exchange Bitrue announced on Twitter on Friday that it had identified a “brief exploit” in one of its hot wallets. The breach led to the theft of around $23 million worth of various cryptocurrencies, including ether (ETH) and shiba inu (SHIB).
1/4: We have identified a brief exploit in one of our active wallets on April 14, 2023 07:18 (UTC). We were able to quickly address this issue and prevent further exploitation of the funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM
—Bitrue (@BitrueOfficial) April 14, 2023
The platform team said it was able to prevent further fund transfers and said the matter is being investigated. “The affected hot wallet only has less than 5% of our total funds. The rest of our wallets remain safe and have not been compromised,” Bitrue noted.
in a follow up cheepThe exchange informed clients that it has temporarily suspended withdrawals, which will be reinstated on Tuesday, April 18. “All identified users affected by this incident will be fully compensated,” Bitrue promised.
“We are committed to maintaining transparency throughout this process, and thank you for your continued support,” added the Singapore-based company, assuring that it is taking the hacking attack seriously.
The Bitrue attack is the second major case of its kind since the beginning of the month. South Korean cryptocurrency exchange GDAC announced the loss of more than $13 million when hackers took control of some of its active wallets on April 9. And in March, more than $1.5 million worth of bitcoin was stolen from cryptocurrency ATM maker General Bytes.
This is not the first time that Bitrue has suffered a security breach. In July 2019, the exchange lost about $4.7 million on XRP and ADA. At that time, the perpetrators exploited a vulnerability that allowed them to compromise the accounts of dozens of users.
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