Bitrue suffers hack – loses $4.5 million in XRP and ADA

Bitrue hack

News has come in from Singapore detailing one of the local cryptocurrency exchange’s experiences with a recent hack attack. The attack happened on the 26th of June and caused the exchange to lose a little more than $4.5 million from its hot wallet.

The stolen funds were all in XRP and ADA, in more detail around 9.3 million XRP and 2.5 million ADA were stolen. By yesterday’s prices, the total amount stolen is equivalent to $4.5 million for XRP and $250,000 for the ADA.

The exchange has already announced that the hackers managed to breach their security systems when the Risk Control team was in the middle of a second review. The hacker accessed the funds of 90 Bitrue users and then gained access to the exchange’s hot wallet.

Bitrue has already addressed this issue and has promised compensation to every user affected. The exchange mentioned that the funds will be returned as soon as possible.

The Risk Control team managed to detect the attack before it got too serious and suspended it before all of the funds were drained from the wallet.

The team was also able to trace the assets’ movements to exchanges such as Huobi, Bittrex and ChangeNOW, all of whom have now frozen those transactions.

There is currently an emergency maintenance underway, which has forced the exchange to shut down for a while, hoping to go back live with revamped login security.

An investigation is currently underway to find the perpetrator, in which the Singaporean authorities will most likely participate.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Ripple price analysis: XRP/USD set to break above the $0.5 resistance
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Cardano Price Prediction 2022-2030: Is ADA a good investment?

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse