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Singapore-based crypto exchange Bitrue has lost millions of US dollars worth of ether and other coins in a hack. The trading platform suspended withdrawals until early next week to conduct further security checks and promised to compensate affected users.
Cryptocurrency exchange Bitrue announced Friday on Twitter that it has identified a “short exploit” in one of its hot wallets. The breach led to the theft of around $23 million in a variety of cryptocurrencies, including ether (ETH) and shiba inu (SHIB).
1/4: We have identified a short exploit in one of our hot wallets 07:18 (UTC), 14 April 2023. We were able to resolve this issue quickly and prevented further exploitation of funds. We are taking this matter seriously and are now investigating the situation. pic.twitter.com/QioPHSB2DM
— Bitrue (@BitrueOfficial) 14 April 2023
The platform’s team said it was able to prevent further transfers of funds and assured that the matter is being investigated. “The affected hot wallet only holds less than 5% of our total funds. The rest of our wallets remain secure and have not been compromised,” Bitrue pointed out.
In a follow-up chirpingthe exchange informed customers that they have temporarily suspended withdrawals, which will be restored on Tuesday 18 April. “All identified users affected by this incident will be compensated in full,” Bitrue promised.
“We are committed to maintaining transparency throughout this process and thank you for your continued support,” the Singapore-headquartered company added, assuring that it is taking the hacking attack seriously.
The Bitrue hack is the second major case of its kind since the beginning 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 was stolen from crypto ATM maker General Bytes.
This is not the first time Bitrue has suffered a security breach. In July 2019, the exchange lost around $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.
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