Singapore-based cryptocurrency exchange Bitrue has reported that hackers stole $23 million from one of its hot wallets. The exchange did not provide details on how the attack occurred but stated that it had identified a brief exploit in one of its hot wallets on 14 April 2023 at 07:18 UTC. Bitrue was able to address the issue quickly and prevent the further exploitation of funds. The exchange has temporarily suspended all withdrawals and is investigating the situation. The affected wallet contained less than 5% of overall reserves, and the remaining wallet was not compromised.
Bitrue has promised to compensate all identified users who were affected by the incident in full. The exchange expects to reopen withdrawals on 18 April. Bitrue coin was down nominally in the past 24 hours. The exchange trades an average of over $1 billion a day, with bitcoin and ether among the most-traded token pairs.
This latest hack is a reminder of the vulnerability of cryptocurrency exchanges to cyberattacks. In recent years, several exchanges have been hacked, with millions of dollars’ worth of cryptocurrency stolen. In 2022, the Poly Network hack saw hackers steal $600 million worth of cryptocurrency. The hackers returned the funds, and the incident was hailed as a victory for the cryptocurrency community. However, it also highlighted the need for better security measures to protect exchanges and their users.
Cryptocurrency exchanges are attractive targets for hackers because they hold large amounts of cryptocurrency. Exchanges need to implement robust security measures to protect their users’ funds. This includes using cold wallets to store most of their cryptocurrency holdings and implementing multi-factor authentication for user accounts.
Bitrue’s response to the hack has been swift, with the exchange identifying the issue quickly and preventing further exploitation of funds. The exchange’s promise to compensate affected users in full is also reassuring. However, the incident highlights the need for all cryptocurrency exchanges to implement the best security practices to prevent similar attacks in the future.
In conclusion, the recent hack of Bitrue’s hot wallet is a reminder of the vulnerability of cryptocurrency exchanges to cyberattacks. Bitrue has promised to compensate all affected users in full and has suspended withdrawals while it investigates the situation. The incident highlights the need for all cryptocurrency exchanges to implement robust security measures to protect their users’ funds.
