Bitrue, a prominent digital currency exchange based in Singapore, has been lauded by the crypto community for its level headed and professional response to a devastating cyber attack it had sustained just a few days ago.
On the 27th of June, the firm had been assailed by hackers, wiping out close to ten million dollars of the Ether coin and close to three million dollars worth in the Cardano coin. Less than twenty-four hours following the disastrous attack, the currency exchange was restored and back online in full force.
The firm’s leaders also declared that customers that had been affected by the cyberattack would receive a due compensation of the digital assets that they had lost.
Official Statement Regarding The Hacking of Bitrue On June 27 2019
— Bitrue (@BitrueOfficial) June 27, 2019
When the original cyber attack had begun to play out, the corporation had announced through its social media branches that its systems were facing an overload, and that they would require a few hours of rest and maintenance.
As hours ground by and the situation unraveled, it was then brought to light to the company that there was a cyber attack in play. Bitrue released an official statement where it revealed that vulnerability in the firm’s online processes had been exploited by a hacker, allowing him to gain access to the firm’s digital assets.
.@binance will actively block any stolen funds coming our way.
The key is fast reporting (victim) and real-time blocking (exchanges). To this end, we developed an anti-fraud system just for this. Will make it available to all real soon, free of charge. #SAFU https://t.co/tDsXuv0J3q
— CZ 🔶 Binance (@cz_binance) June 27, 2019
The attacker had amassed control over a variety of active wallets and had acquired millions of dollars worth of digital assets, moving them from out of the corporation’s holdings. The stolen assets could be traced back to a variety of other entities, such as Huobi Global and Binance.
The cryptocurrency community has been watching the event unfold and the consequences play out. Bitrue has received praise from pundits and the community for its quick response, robust damage control and the aid provided to those affected.
The hack has directed the attention of leaders in the industry towards efficient cyber protection. Changpeng Zhao, the CEO of Binance, put out a tweet announcing the corporation was developing a stringent anti-fraud system to guard against such vulnerabilities in the future.