Crypto Chaos: 200B SHIB and More Swiped in Hack Attack on Exchange

"Bitrue Addresses Hot Wallet Exploit and Ensures Security of Funds"

Bitrue, a crypto exchange platform, has confirmed that it experienced a brief exploit in one of its hot wallets on April 14, 2023, at 07:18 (UTC). The company has since released a statement via Twitter, claiming that it was able to quickly address the matter and prevent any further exploitation of funds. Bitrue has also assured its users that the rest of their wallets are secure and have not been compromised.

According to the tweets, the attackers were able to withdraw assets worth approximately 23 million USD in cryptocurrencies such as ETH, QNT, GALA, SHIB, HOT, and MATIC. However, the attack was focused on a hot wallet that contained less than 5% of Bitrue’s overall funds. The company has stated that it is taking the situation seriously and is currently investigating the incident.

As an additional security measure, Bitrue has announced that it will suspend all withdrawals temporarily. The suspension will be lifted on April 18, 2023. The company has requested its users’ understanding and patience during this period. Bitrue has also assured its followers on Twitter that all the users who have been impacted by this incident will be compensated in full.

In their final tweet regarding the matter, Bitrue emphasized its commitment to maintaining transparency throughout the entire process. The exchange has expressed gratitude for the continued support of its users and shared a blog reiterating the updates on the situation.

Meanwhile, PeckShieldAlert has reported that the SHIB, GALA, QNT, and MATIC coins that were withdrawn in the recent Bitrue hack were subsequently sold for around 8,540 ETH. This mass sell-off reportedly caused the price of QNT to drop by 11% in just three hours following the sale.

The incident has raised concerns about the security of crypto exchanges and the need for increased measures to protect users’ funds. Bitrue’s response to the situation has been commendable, with the company taking swift action to address the exploit and reassure its users. However, the incident serves as a reminder that even the most secure platforms are still vulnerable to attacks.

Crypto investors should exercise caution when using exchange platforms and consider measures such as cold storage to protect their assets. The crypto industry as a whole should also work towards developing more robust security measures to prevent similar incidents from occurring in the future.

Martin Reid

Martin Reid

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