Cryptocurrency News

Mysterious Hacker Steals around $4.5M Worth of Cryptos From Bitrue

Mysterious Hacker Steals around $4.5M Worth of Cryptos From Bitrue

A hacker mysteriously stole more than 4.5 million dollar worth of cryptos from crypto exchange Bitrue.

Reportedly, the hacker went onto stealing about 9.3M XRP coins, and 2.5M Cardano coins. The hacker stole about 4.25M dollar worth of XRP coins and 225,000 dollar worth of Cardano coins. For this, the administrators admit the happening of the event through a statement that Bitrue posted in its Twitter account.

As per the statement of Bitrue, administrators detected the hacking. Immediately, they shut down the platform and put their site under maintenance mode. Meanwhile, they went onto investigating what was happening with the site.

As a result, the website of the exchange went down for longer periods. However, the company anticipates resuming trading soon within some hours. This is the information according to updates from the social media sites.

Bitrue Administrators Claim to Track Down the Hack

On the other hand, the administrators of the company claim to track the theft down. Precisely, they link the theft with a transaction that the company did not authorize. As a result of the transaction, funds transferred from the hot wallet of the crypto exchange. Thus, the funds went to the account of other crypto exchange platforms. The crypto exchange platform from Singapore used the hot wallet for transactions in real time.

Similarly, the crypto exchange Bitrue says that it is currently working with other companies. The companies involving to work with Bitrue are Bittrex, Huobi, and ChangeNOW. Undoubtedly, the company works with them to recover funds from respective platforms.

For the record, Bitrue is amongst 100 top crypto exchanges in the world. This is the data that CoinMarketCap has released for daily exchanges.

Situation under Control- Bitrue

Similarly, Bitrue comes forward to talk. It says in a statement that the company assures its customers that they have controlled the situation. Besides this, the company also assures to return 100 percent lost funds to its users. Further, the company says that they have contacted relevant authorities to assist them in Singapore. Moreover, the company says that they have called upon authorities to track down culprits of the crime. Furthermore, they are also working to retrieve the funds that hackers stole.

This year, the exchange suffered two hacks until now. And this is the second hack that the company suffered. In January, the administrators of Bitrue acknowledged that another attack. According to them, the attacker stole about 13 thousand ETC coins. Sadly, the total worth of the coins is more than 100 thousand dollars. However, the administrators prevented the attack indeed.

Cyber Attack on Crypto World

There are so many incidents of a cyber attack on the crypto world. And, the incidents are going on increasing day by day. This is the reason why many countries have strict rules on digital currency and blockchain. These regulations need to be strict so that the crime rates decrease. Due to cyber hacking, many companies found themselves on the verge of bankruptcy. Therefore, countries must make strict governing plans for virtual currencies and blockchain technology.


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