The cryptocurrency exchange Bitrue, which has its base in Singapore, was the victim of a hack that resulted in the loss of ether and other coins worth millions of US dollars. In order to conduct further security checks, the trading platform put a suspension on withdrawals until the start of the next week and promised to compensate affected users.
Bitrue Exchange Loses Crypto Assets Because Of Hot Wallet Exploit
On Friday, the cryptocurrency exchange Bitrue tweeted that it had found a “brief exploit” in one of its hot wallets. Several cryptocurrencies, including ether (ETH) and Shiba Inu (SHIB), worth about $23 million were stolen as a result of the breach.
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 that it was able to stop future money transfers and gave the assurance that the situation is being investigated. Less than 5% of our total funds are in the compromised hot wallet. The rest of our wallets are still safe and unharmed, as reported by Bitrue.
The exchange advised users in a subsequent tweet that withdrawals have been suspended and will resume on Tuesday, April 18. Bitrue promised that “all identified users who are affected by this incident will be fully compensated.”
The Singapore-based company stated, assuring customers that it is taking the hacking attack seriously, “We are committed to maintaining transparency throughout this process, and we thank you for your continued support.”
The hack of Bitrue is the second significant incident of this kind since the beginning of the month. When hackers gained access to some of the South Korean cryptocurrency exchange GDAC’s hot wallets on April 9, the company reported a loss of more than $13 million. Additionally, the maker of crypto ATMs General Bytes had almost $1.5 million in bitcoin stolen from it in March.
This is not the first security breach that Bitrue has faced. The exchange lost almost $4.7 million in XRP and ADA in July 2019. At the time, the hackers took advantage of a vulnerability that gave them access to dozens of people’s accounts.
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