Bitrue exchange hacked, over $4 million stolen
The exchange becomes the latest target of thieves
Another cryptocurrency exchange has suffered a catastrophic attack. This time, the Bitrue exchange was targeted by hackers, who were able to break into the platform and get away with $4.2 million (based on current prices) in Ripple and Cardano. Unlike some attacks that have only target an exchange’s funds, this time, users saw their wallets wiped out.
Bitrue acknowledged the attack, stating on Twitter, “At approximately 1am June 27 (GMT+8), a hacker exploited a vulnerability in our Risk Control team’s 2nd review process to access the personal funds of about 90 Bitrue users.” It added, “The hacker used what they learned from this breach to then access the Bitrue hot wallet and move 9.3 million XRP and 2.5 million ADA to different exchanges.”
The hacker, or hackers, didn’t waste any time distributing funds – half went to private wallets and the other half went to five different exchanges, Exmo.me, ChangeNOW, Bittrex, Huobi and Coinswitch.com. Bittrex, Huobi and ChangeNOW have already frozen around $1.35 million in funds and it will most likely be returned to the exchange.
Bitrue further explained in a statement, “After recovering the frozen assets, the net loss will be $3.15 million USD. This total includes $1.89 million USD lost from individual user accounts, and $1.26 million USD lost from Bitrue’s own hot wallet. The funds lost by user accounts were insured and will be replaced by Bitrue as soon as the exchange resumes service.”
The exchange will make full restitution of the remaining funds, as per the statement. However, it isn’t known how long this will take, or how the process will be managed.