Bitrue exchange has been Hacked: Over $4 Million in Crypto lost

Bitrue is a Singapore-based cryptocurrency exchange has been hacked for around $4.2 million in user assets as announced via tweets from their official account.
Their platform revealed that the event was identified at around 1 a.m. local time on Thursday and stated that anyone who lost cryptocurrency would be refunded, adding that user funds are insured. In further details, fund accessed and transferred off its platform were 9.3 million XRP, worth $4.01 million, and 2.5 million Cardano (ADA), worth $231,800. “First of all, please let us assure you that this situation is under control, 100% of lost funds will be returned to users, and we are reviewing our security measures and policies to ensure this does not happen again.” : the exchange said.

The exchange explained how the breach occurred, saying:
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.” Currently, XRP is down nearly 9 percent at $0.43 and ADA is trading down nearly 6 percent at $0.092, while according to Coinratecap data. Most other cryptos are actually in the red as of now.

As at the time of the hack, Bitrue indicated that they are working with the Huobi, Bittrex and ChangeNOW exchanges and says they have frozen funds and accounts associated with the hack. Another tweet revealed that the exchange started off an emergency inspection of its systems and aims to be up and running normally again “as soon as possible.”
As of the time of this writing, the company gave a more specific update that operations will resume in few hours: “UPDATE: We expect to have Log in and Trading functionalities live on Bitrue again within a few hours. Thank you for your patience.

This happens to be the second hack situation involving Bitrue this year. Bitrue said it was also affected by a 51-percent attack on the ethereum classic cryptocurrency which was early this year. Said attack involved a hacker’s attempt to withdraw 13,000 ETC but the exchange claimed the theft had been stopped by its system.

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Credits- Daniel Palmer

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