CryptoCryptocurrency ExchangeCryptocurrency NewsGeneral NewsNews

Bitrue Crypto Exchange Hacked: $23 Million in Crypto Assets Stolen

Bitrue Crypto Exchange Hacked: $23 Million in Crypto Assets Stolen

Bitrue, a Singapore-based cryptocurrency exchange, has been hit by a security breach resulting in the loss of $23 million worth of crypto assets. The exchange detected a hot wallet exploit earlier today which allowed hackers to drain the funds from the wallet. The company noted that the affected hot wallet held less than 5% of the exchange’s overall reserves, while the rest of the wallets remained uncompromised.

Details of the Hack

In a Twitter post, Bitrue stated that the hacker managed to steal a total of $23 million in various cryptocurrencies, including Ethereum (ETH), Polygon (MATIC), GALA, Shiba Inu (SHIB), Quatn (QNT), and Holo (HOT).

According to PeckShield, a blockchain security and analytics firm, the hacker swapped 173,000 QNT, 22.55 billion SHIB, 46.4 million GALA, and 310,000 MATIC for around 8,540 ETH, before transferring the stolen assets to an Ethereum wallet.

Bitrue also clarified that it will fully compensate those customers who have lost their funds. The exchange has temporarily disabled all withdrawals for its users and expects to resume withdrawals on April 18 after conducting further security checks.

History of Hacks

This is not the first time Bitrue has faced such a security breach. In 2019, the exchange was hacked for over $4 million in XRP and Cardano due to a vulnerability in their Risk Control team’s 2nd review process, allowing bad actors to access its hot wallet.

Recent Attacks on Crypto Exchanges

The Bitrue incident marks the second major attack on a centralized cryptocurrency exchange in recent weeks. Just days ago, the South Korean exchange Gdac was hacked for nearly $13 million similarly. Such attacks on crypto exchanges continue to highlight the vulnerability of centralized exchanges, which are more prone to such incidents due to their centralized nature.


Related Articles

Coinfloor to Delist Ethereum and Focus Only on Bitcoin

Akansha Kesarwani

A Third of Bitcoin’s value Sink with the Libra Hype fade

Akansha Kesarwani

Terra Revealed That Terra 2.0 Would Be Available on the Hitbtc Chain From 27 May

Mridul Srivastava