Bitrue, a Singapore-based cryptocurrency exchange, has reported the loss of millions of dollars’ worth of ether and other coins in a hacking incident. According to the company, the breach was due to an exploit in one of its hot wallets, which led to the theft of around $23 million in cryptocurrencies, including ether and shiba inu. Bitrue has suspended withdrawals until early next week to conduct additional security checks and has promised to compensate affected users. The exchange has assured customers that the affected hot wallet only holds less than 5% of its overall funds, and the rest of its wallets remain secure and uncompromised.
Bitrue has stated that it was able to address the matter quickly and prevented further exploitation of funds. The company has temporarily suspended withdrawals, which will be restored on Tuesday, April 18. Bitrue has promised to compensate all identified users who are affected by this incident in full. The exchange has committed to maintaining transparency throughout the process and thanked its customers for their continued support. The company is taking the hacking attack seriously and is currently investigating the situation.
This is not the first time Bitrue has suffered a security breach. In July 2019, the exchange lost approximately $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. 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.
The recent hacking incidents have raised concerns over the security of cryptocurrency exchanges. The incidents have highlighted the need for exchanges to implement robust security measures to protect their users’ assets. The cryptocurrency industry is still in its early stages, and security remains a significant challenge. Exchanges must take proactive steps to secure their platforms and prevent hacking incidents from occurring.
In conclusion, Bitrue has suffered a significant security breach, leading to the loss of millions of dollars’ worth of cryptocurrencies. The company has promised to compensate affected users and is conducting additional security checks to prevent further exploitation of funds. The recent hacking incidents have highlighted the need for cryptocurrency exchanges to implement robust security measures to protect their users’ assets. The industry must take proactive steps to secure their platforms and prevent hacking incidents from occurring in the future.
