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Crypto Exchange Bitrue Suffers $23 Million Hack

News Feed - 2023-04-15 01:04:23

Crypto Exchange Bitrue Suffers $23 Million Hack


Singapore-based crypto exchange Bitrue has lost millions of U.S. 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 the affected users. Bitrue Exchange Loses Crypto Assets Due to Hot Wallet Exploit


Cryptocurrency exchange Bitrue announced Friday on Twitter it has identified a “brief exploit” in one of its hot wallets. The breach led to the theft of around $23 million in a number of cryptocurrencies, including ether (ETH) and shiba inu (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 transfers of funds and assured the matter is being investigated. “The affected hot wallet only holds less than 5% of our overall funds. The rest of our wallets remain secure and have not been compromised,” Bitrue pointed out.


In a follow-up tweet, the exchange informed customers it has temporarily suspended withdrawals, which will be restored on Tuesday, April 18. “All identified users who are affected by this incident will be compensated in full,” Bitrue promised.


“We are committed to maintaining transparency throughout this process, and thank you for your continued support,” the Singapore-headquartered company added, assuring it’s taking the hacking attack seriously.


The Bitrue hack is the second major case of this kind since the start of the month. South Korean crypto exchange GDAC announced the loss of more than $13 million when hackers took control of some of its hot wallets on April 9. And in March, over $1.5 million in bitcoin were stolen from crypto ATM manufacturer General Bytes.


This is not the first time Bitrue has suffered a security breach. In July 2019, the exchange lost around $4.7 million in XRP and ADA. At the time, the perpetrators exploited a vulnerability that allowed them to compromise the accounts of dozens of users. Tags in this story Bitrue, Breach, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, ETH, ether, Exchange, Exploit, Hack, Hacker, Hackers, hacking attack, Hacks, incident, Security, shib, shiba inu, Singapore, Theft, Withdrawals


What are your thoughts on the hacking incident? Share them in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. French President Emmanuel Macron on Taiwan: "Being an Ally Does Not Mean Being a Vassal" NEWS | 26 mins ago Solana"s Crypto and Web3 Smartphone ‘Saga’ Available to the General Public on May 8 NEWS | 2 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: ADA Surges to 7-Month High, as XRP Extends Recent Gains  Next articleTron Founder Justin Sun, Soulja Boy, and Austin Mahone Summoned by SEC in Crypto Asset Case Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


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