Singapore-based crypto exchange Bitrue has lost millions of US dollars worth of Ether and other coins in a hack. The trading platform suspended withdrawals until early next week to conduct additional security checks and promised to compensate affected users.
Bitrue Exchange Loses Crypto Assets Due to Hot Wallet Exploit
Cryptocurrency exchange Bitrue announced on Twitter on Friday that it had identified a “short-lived exploit” on one of its hot wallets. The breach resulted in the theft of approximately $23 million in a number of cryptocurrencies, including Ether (ETH) and Shibai (SHIB).
1/4: We have identified a brief exploit in one of our hot wallets on 07:18 (UTC), 14 April 2023. We were able to address this matter quickly and prevented the further exploit of funds. We take this matter seriously and are currently investigating the situation. pic.twitter.com/QioPHSB2DM
— Bitrue (@BitrueOfficial) April 14, 2023
The platform’s team said it was able to prevent further fund transfers and assured that the issue is under investigation. ‘The affected hot wallets hold less than 5% of our total funds. The remaining wallets remain secure and have not been compromised,” Bitrue noted.
In a follow-uptweetthe exchange informed customers that withdrawals were temporarily suspended and would be restored on Tuesday, April 18. Bitrue promised that “all identified users affected by this incident will be fully compensated.”
The Singapore-based company also expressed that it is taking the hacking attack seriously, adding, “We are committed to maintaining transparency throughout this process and appreciate your continued support.”
The Bitrue hack is the second major incident of its kind this month. South Korean crypto exchange GDAC announced a loss of more than $13 million after hackers took control of some of its hot wallets on March 9. And in March, more than $1.5 million in bitcoins were stolen from crypto ATM maker General Bytes.
This is not the first time Bitrue has suffered a security breach: in July 2019, the exchange lost about $4.7 million ($33 million); XRPand; ADA. At the time, the perpetrators were able to exploit a vulnerability and compromise the accounts of dozens of users.
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