Crypto Exchange Bitrue Suffers $23 Million Hack

Crypto Exchange Bitrue Suffers $23 Million Hack Crypto Exchange Bitrue Suffers $23 Million Hack  0

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).

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.

Crypto Exchange Bitrue Suffers $23 Million Hack  1 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.

Crypto Exchange Bitrue Suffers $23 Million Hack  2 Twitter Users to Trade Crypto Through Etoro NEWS | 7 hours ago Crypto Exchange Bitrue Suffers $23 Million Hack  3 Former Deutsche Bank Investment Banker Charged With Crypto Fraud in US NEWS | 15 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Biggest Movers: ADA Surges to 7-Month High, as XRP Extends Recent Gains 

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. 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 News

In Case You Missed It

Crypto Exchange Bitrue Suffers $23 Million Hack  4

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.

Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining


Updated: 04/14/2023 — 14:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme