HomeCryptocurrencyBitrue Exchange Hacked For $23 Million

Bitrue Exchange Hacked For $23 Million

Cryptocurrency exchange Bitrue has fallen victim to a cyberattack that resulted in the loss of $23 million.

Cryptocurrency exchange Bitrue has fallen victim to a cyberattack that resulted in the loss of $23 million.

The hack was discovered early on Thursday, April 14, when Bitrue’s security team identified suspicious transactions involving the withdrawal of large amounts of Ether (ETH), Shiba Inu (SHIB), and other tokens.

The exchange acted swiftly by suspending all withdrawals and deposits on their platform to investigate the matter and mitigate any further damage. The affected wallet contained less than 5% of overall reserves and the remaining wallet was not compromised.

“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,” Bitrue said on Twitter.

“The attackers were able to withdraw assets worth approximately 23 million USD in the following currencies: ETH, QNT, GALA, SHIB, HOT, and MATIC,” they added.

Bitrue’s management has assured its users that they are cooperating with law enforcement agencies and engaging cybersecurity experts to trace the source of the hack. They have also pledged to reimburse all affected users using the Bitrue insurance fund.

The Singapore-based exchange is working diligently to restore full services as soon as possible and expects to reopen withdrawals on April 18.

Bitrue trades an average of over $1 billion a day, according to data from CoinGecko.

Alan B
Alan B
Having immersed himself in the cryptocurrency space for several years, Alan has developed a keen eye for market trends and the latest developments in blockchain technology. His expertise spans a wide range of topics, from emerging altcoins to regulatory updates, making him a trusted voice in the community. When Alan isn't busy writing compelling articles, he enjoys attending industry conferences, engaging with fellow crypto enthusiasts, and staying up-to-date with the latest tech advancements.

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