Home Cyber Attack Bitrue Crypto Exchange Hacked Losing Over $4.5 Million Worth Of Cryptocurrency

Bitrue Crypto Exchange Hacked Losing Over $4.5 Million Worth Of Cryptocurrency

by Abeerah Hashim
Bitrue crypto exchange hacked

It has been little more than a month since the massive hacking attempt on Binance cryptocurrency exchange. Yet, the hackers have become active again to target another cryptocurrency exchange. In a recent incident, the Bitrue crypto exchange hacked to bear the loss of $4 million worth of XRP and Cardano.

Bitrue Crypto Exchange Hacked

Recently, another cryptocurrency exchange suffered a major blow due to the cyber attack. Allegedly, on June 27, 2019, Bitrate crypto exchange got hacked as some perpetrators exploited a system vulnerability. The attackers gained access to some users’ funds, following which they intruded the exchange’s hot wallet as well.

The exchange disclosed the incident in an official statement on their Twitter account as a trail of tweets. As stated by the officials,

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. 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.

After detecting the attack, the exchange officials took the system down, after which they then announced some maintenance work.

However, in their statement shared later, they clarified that it was a misstatement due to the uncertainty of the situation.

The officials halted activity on Bitrue to contain the attack right after its discovery and conducted system review. Moreover, they also collaborated with ChangeNOW, Bittrex, and HuobiGlobal exchanges to contain the transactions of stolen funds.

In addition, they also contacted the ‘relevant authorities in Singapore’ to retrieve stolen funds.

Bitrue Assures Reimbursement To Victims

Although, the hacking attack on Bitrue directly affected the users’ funds. The exchange assured complete reimbursement of lost funds to the victims.

Moreover, the collaborating cryptocurrency exchanges also seem vigilant in halting the movement of stolen funds. One of the exchanges, ChangeNow, confirmed catching 100% of the funds passing through them.

Likewise, the Exmo cryptocurrency exchange also informed about freezing some of the stolen funds.

While the exchange’s site is still down at the time of writing this article, the exchange assured resumption of login and trading services.

Whereas, the users will be able to proceed with deposits and withdrawals within 3 days.

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